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The Market
Technical

The indices (DJIA 13008, S&P 1379) meandered lower yesterday, but remained within their primary trends (1) short term trading ranges [12022-13302, 1266-1422] and (2) intermediate term uptrends [12075-17075, 1273-1853].

Volume improved but breadth declined. The VIX rose and remains above the lower boundary of its intermediate term trading range and within the developing head and shoulders.

GLD fell, but continues to trade above the lower boundary of its intermediate term trading range. This decline comes off the level of the last in a string of lower highs; hence the trend of downward bias continues.

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The Market
Technical

The indices (DJIA 13073, S&P 1385) were basically flat yesterday, closing within their primary trends: (1) short term trading ranges [12022-13302, 1266-1422] and (2) the intermediate term uptrends [12075-17075, 1271-1851]. By holding recent gains, the 12904/1364 interim resistance level has been negated, leaving the short term trading range upper boundaries as the nearest resistance.

Volume was anemic; breadth deteriorated. The VIX sold off 8% but remains well above the lower boundary of its intermediate term trading range and the neckline of the developing head and shoulders pattern.

GLD was down fractionally, finishing above the lower boundary of its intermediate term trading range.