SP 500 and NDX Futures Daily Charts

The FOMC brought a little more action today to the downside although they did not say all that much which is new.

I figure we will follow the downside momentum on the SP futures to the bottom of the uptrending channel with an overshoot, maybe for one day or intraday. So we have a little more downside to go, and then we might see a bounce on Friday into the weekend, or next week.

If stocks keep going and take out that uptrending channel and exceed the 50% retracement by quite a bit then we might be in for a real trend change, although August seems early.

Gold Daily and Silver Weekly Charts - Light Volume Drift

FOMC minutes are coming out tomorrow afternoon, otherwise most traders seem to be on vacation.

 

SP 500 and NDX Futures Daily Charts - Lazing on a Summer Afternoon

FOMC minutes tomorrow may put a spark into this snoratorium.

 

Gold Daily and Silver Weekly Charts - Goldman Was Buying Gold While They Were Saying 'Sell?'

Gold and silver had quiet pullbacks today as the markets digested some of their recent gains.

Overall trading is very quiet as many traders are on their summer vacations.

Registered inventory bounced back up a little bit last week, but remains rather thin and indicative of an intermediate trend change.

A reader informs us that:

"For those with a bloomberg terminal, type up the command: {GLD Equity PHDC1 } ... GS bought $5b USD of GLD last quarter, while they were pitching their "sell gold" call to the world."

Note: I think that is $500 Million and not $5 Billion.