For reference, please compare tonight's charts with the charts I posted last night. The only edits I made was to go back into the chart and make the predicted move lines a bit opaque so that we could see the underlying price moves below them.
First up.. the dollar. It's behaving just as I had hoped. It dropped through the daily trendline and has found support near $79. If we do not go lower from here, I expect a few days of recovery with the dollar testing the $80-81 mark again. We've had about a month of positive action, so if we're turned away on the downward slope around $80, I expect a deeper decline to $78.
GDX has moved up towards it's daily trendline resistance. We may have another up day tomorrow, but it's possible we shoot up early and close on the low of the day. Then again, it may not ever make it that high.
Silver also has a little bit more room to move higher but you can see it has made a step in the right direction today.. On second thought, it may be possible for the dollar to move slightly lower for another day or two to finish off these trends. Only time will tell.
Stocks: S&P500 (SPY)
Spy is beginning to give a bearish look, in my opinion. Price action has remained high, but indicators are giving us a negative divergence. Slope has fallen below it's trend. We have a potential triple top and the MACD upward trend has been broken. If price does indeed turn down over the next few days, a potential low could come in around this weekly low trendline which is also very near the 50 DMA. A decline into early to mid November would be ideal.
Conclusion: Neutral to Bearish on equities. Signs of a rollover are beginning to show. Now we wait for a confirmation.
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