The NASDAQ 100 plunged 49.81 points Tuesday, closing at 1,187.04. Our key trend-finder indicators triggered a new "sell" signal Tuesday. The Russell 2000 fell 19.46 points Tuesday, closing at 428.90. The HUI Amex Gold Bugs Index rose 8.03 points Tuesday, closing at 319.19. February Gold rose to 968.8. Silver rose to 14.01, while March Oil fell to 35.04. The Dollar rose 1.57 to 87.59. Bonds rose 3 points to 129^11. The VIX rose 5.73 points to 48.66.
Short term, the Daily Full Stochastics have been topping in Gold and the HUI, suggesting a short-term decline will start soon, within a larger degree Bull Market.
If you look at the charts on page 14, we see a terminating Rising Bearish Wedge has formed and is nearly complete in the HUI Amex Gold Bugs Index. That supports the Daily Full Stochastics which are also topping.
Gold has formed a five wave rally, and is completing that first leg of Intermediate wave 3 up, minor degree wave 1 up. That also supports the topping action of the Daily Full Stochastics
