Markets Show Signs of Weakness

 The past several days haven't been kind to stock market bulls looking for the buying spree to continue. Should this market have continued going up unabated? Really, it's amazing we've held up this long, given all the bears looking to short the mother of all tops.

 A continuation of the sell-off generated on Friday's futures' action isn't necessarily all bad ... yet. There is plenty  of support below; however, weakness in several sectors is starting to surface. Precious metals and the stocks within their respective sectors rebounded out of the blue yesterday, but other commodities - in particular, oil stocks - didn't follow precious metals' lead.

 Left click on chart(s) to expand

  This is the first reasonable pullback we've had in months on the US markets.

 A promising rebound in $OIX (oil stocks) starting back in October has lost momentum and is now trading below the 200 DMA.

 The CRB index is breaking down vs the US dollar, and is once again flirting with the 200 DMA.

 The overnight futures have recovered marginally, but we have generated some significant bearish impulses over the last few trading days.



Always perform your own due diligence. These are only my opinions.