The Morning Call (8-22)

By Steve Cook
All American Investor

Monday Morning Chartology

The S&P is in a critical position. If it bounces off the 1101 level and recovers above 1172, the Market will simply have endured a significant test. Breaking 1101
suggests more downside (1041, 1009).

You can clearly see the magnitude of GLD’s extension above its long term up trend.

Here is another technical opinion:
http://advisorperspectives.com/dshort/charts/large.html?guest/110819-Gold.gif

The VIX is high but not rising versus the prior week.