Jack here,

We broke the short term rising support trendline on ES this morning, and my feeling is that the interim top I've been expecting is in:

One of my indicators has also just given a topping signal and that is the $GOLD:$SILVER ratio on the daily chart. Here it is with the SPX in green as the background:

The $GOLD:$SILVER ratio has a strong support trendline that is almost a year old now. I've put in a red (sell) vertical line wherever that support trendline has been hit and you can see that it has identified most of the major interim tops in that time, often a few days early, but when it is early, the market doesn't move up much afterwards, and falls significantly after the top is made. There have been no false positives.

On the identifying bottoms side (blue vertical trendlines) it has been pretty good at that too. Even when it broke up from the rising channel for a little while, it called a significant interim low just before it broke up, and another when the resistance level above was hit.

Now that support trendline will break sooner or later, as all trendlines do, but this is a strong signal that we are likely to turn down in the very near future, and while resistance at 1130 may be broken, it isn't likely to be broken by much before the next interim top is in. My only caveat for that would be that the action over the last few months has the worrying look of an H&S pattern, and that if that support trendline broke, then we might see a major break up on SPX.

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Hey Hobstas!!

Well the jobless claims jumped 19 grand, wow the bulls must be drinking that koolaid laced with allot of drugs!  Well unfortunately they didn't pass that on to the bears. Now up on the chart is the daily SPX and you can see that we are close to an interim top here. 

Today with the jobless claims info the technicals might set up for a nice sell off, tomorrow or next week, we shall see but we trade the charts and not the news, so I have a mix of trades on. The chart still says bulllish for now, but close to turning. 

I was checking out SLV yesterday and that has a nice bearish set up. 

I am not long winded as you know as I type all day, so trade carefully and always be hedged! 

Peace Love Anna