Market went down 19 points today, a significative drop but not enough to onset the "sell" signal on intermediate time frame. Price moved bellow both EMAs on two hours chart but is still above SMA 120. Not to mention that EMAs are not even touching.
This is the most serious threat the bears have caused to the rally so far this year but I need to see a continuation in the next few days before going short.
Daily and weekly DMI are still bullish and SPX is above both SMA 50 and SMA 200.
Gold and silver got hammered once again. Silver went bellow well established 4 years uptrend line. There is some support around 26. If this fails next stop will be 18. Gold is also bellow the 152 support area.
Has the correction started? It's too early to answer this question. Let's patiently wait for a clear "sell" signal.