A little over a week ago, COMP made a hard bounce off its 200-DMA, gapping much higher the following day. Yesterday, it plunged below its 200-DMA and closed there – not a good sign for the bulls.

continued for members…If it can’t recover the SMA200, much more downside awaits.

If SPX and ES can’t hold their SMA100, the picture is likewise bleak. SPX completed its H&S Pattern yesterday and should backtest its neckline (4605ish) on the open.The factors are producing a bit of a bounce this morning, but not an outright reversal.  VIX completed its 10/20 cross. USDJPY completed one this morning. EURUSD backtested its SMA50, with the implication that it will continue higher. However, this is an iffy assumption until it regains its SMA10 and SMA20.

Although DXY pushed back into its rising red channel yesterday……it has yet to push up past its bearishly aligned SMA10 and 20.Gold and silver continue their backtests… …while BTC remains below its SMA10.The most bullish factors remain in the bulls’ corner…for now. CL and RB are both pushing their former highs, testing our theory that they’ll continue swinging sideways until the CPI YoY comp settles down. As long as they keep rising, the 10Y should too. TNX reached 1.874 this morning before backing off slightly. UPDATE: 1:35 PM

Just a quick note regarding gold and silver, both of which are having good days. SI’s SMA200 has stopped many attempted breakouts since July 2021.

And, GC is coming up on its IH&S neckline yet again. If it were to break out this time – which it obviously didn’t in November – it would target 2120. I still don’t expect central bankers to allow a breakout. But, never say never…I count these charts are two more reasons why the market correction is about to accelerate.