Gold Daily and Silver Weekly Charts

The Gartman Letter Called a Top Last Night

"It is not just over-extended to the upside; it is hyper-extended. It is not just overbought; it is hyper-overbought. We cannot strongly enough urge everyone to avoid buying gold here and we shall go so far as to suggest that those who are long begin the process of quietly heading for the exits and to reduce their positions to the most minimal "insurance" positions possible."

SP 500 and NDX December Futures Daily Charts

The end of quarter is almost here, and the levitation continues. The bulls will have to break this out on thin volumes, or give up the propping effort and let prices find their level fairly soon. The outflow from retail investors continues and hedge funds are challenged by redemption requests.

US Dollar Index Still Up For the Year, But Not By Much

The Dollar has tested key support and broken down lower. The next levels of support are obvious. It appears to be renewing its long term downtrend after the short squeeze in the eurodollar that drove it higher.

The dollar is short term oversold and could find some support around this level.

At some point the DX index needs to be reconstituted as the SDR will eventually be. The weighting to Europe and Japan are much too heavy for the current volumes of world trade and reserves.

SP 500 and NDX December Futures Daily Charts

Nice stick save on the indices for the end of quarter.