The SP posted a distribution day losing 2 handles after gapping much higher. This leaves a bearish range high dark bodied candle. There are a couple of new interesting technical features. The pattern is now 8 day up in the Seeker sell setup and 11 days up in the Seeker sell countdown phase. Depending on how the next couple of candles play out the chart could either have a completed 9 bar sell setup which would recycle and nullify the setup phase or the chart could record a price flip and keep the 1-13 sell countdown phase in order. Note that the critical 8/8 Gann level is just overhead at 1375.
Naz remains boxed up and completed an insignificant 9 bar Seeker sell setup. Note that the Seeker completed sell countdown (magenta line) is still active and the risk level is the exact high water mark of the range. Creepy technical.
Multi sector daily chart:
The XAU was the last laggard on the day, undercutting the low close from April.
The XAU (magenta) has been bearishly underperforming gold futures (green) throughout the recent upward move in gold. This technical condition makes aggressively buying gold pullbacks hazardous. Gold is a better sell than buy until a deeper retracement.
The OSX also underperformed the market losing 3% on the day. Note that the CCI says that downward momentum is gathering.
The SOX underperformed Naz which is almost always bearish, price settled right at key short-term support at the 10ema and low or the range.
The BKX remains below the active DTL.
The BTK was top gun on the day, testing but failing at the prior high. Note the 8/8 level just overhead at 1500.
Oil had a wide ranging day, closing right at the 100% Fibonacci extension.
The higher prices in gold were rejected with the XAU/gold futures intermarket analysis suggesting lower prices for gold are in the cards.
