Unless the market makes a new high , a big decline is Coming soon

DJI, SPX, RUT, Nasdaq did not go above the highs made on May 22 today May 29.

The market  may be ready for a big decline. It will be further confirmed as all these indices go below their 15 Day Moving Averages.

If new highs are made in all of these indices, the decline will be postponed .

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Market may have Peaked Today

All asset classes are moving lower that includes bonds, Gold,  Silver and many commodities. IWM and RUT  are  ready to move below 15 day moving averages which means the need for selling TNA and buying TZA. We have been warning about this decline for a few days. This decline has not been confirmed by DJI and SPX. Till that happens please be careful about being too bearish. Gold may be basing here for a multi week rally or may go even lower if it breaks below recent lows. IF DOLLAR GETS EVEN STRONGER HERE, decline in precious metals will continue. So be careful.

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No Sell Signal yet But it may Happen Soon

No major index  has yet moved below its 15 day moving average. This does not mean that we should go long here.

Instead you should take profits specially in leveraged positions.

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Dollar Strengthening Against All Currencies. Gold short term Rally Over

Dollar went above 10150 yen to a dollar and also strengthened against Euro and British pounds.

Not a good sign for US Exporters.
The overall market has not yet given a SELL signal

 

Gold and Silver ended there short term rallies and will now make new lows soon.

See the chart of GLD today

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Go Long Signal given yesterday

The rally may be short lived and we may get whipsawed here but prudent thing to do is to cover your shorts. We are talking about TZA. It should  have been  sold  yesterday with a small loss if you bought on April 28. You can also wait till there is a rally any time during the day today or even till Monday.

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