Blogger went down for about 24 hours Wed. / Thurs. and to make matters worse the transformer
box on the utility pole down on the corner blew out. So, I lost a post and some data....
Stock Market
In the lost post, I mentioned that the $SPX was testing its uptrend line in place since 3/16. The index
broke below trend today. It is trading below the 10 day m/a and is just atop the 25 day m/a. So, the
$SPX is on the verge of a breakdown that would signify further corrective action ahead if there
is more negative follow through early next week. Next trend support, and the more important one, is
down around 1320. $SPX chart
Silver Price
I also highlighted the silver price in the now missing post because it and the SP 500 were the closest
among the stock market and commodities of interest to breaking down. Now, of course silver
broke sharply below its recent blowoff trend, but like the stock market, it sits modestly above the
intermediate trendline up from the end of Aug. 2010. So as much as I joke about silver being a
Great American crash dummy, it has yet to crack down through intermediate term support.
Silver Price
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