Looks like more turmoil for the markets ahead.
T/A-wise, the S+P had been extremely overbought a month ago, 80 on the RSI indicator (70 is near term overbought). It's now 37, so is nearing oversold territory (30). A few more down days should do it, but then the question is whether it will continue lower to test the 200 MA. I figure it will since we are likely entering an extended period (months) of increasing uncertainty and angst. Just too many unknowns out there.
Gold/silver broke near term support, and the charts look like they will give up most of those big summer gains, at least temporarily. In early August, GLD and SLV both hit 90 on the RSI, so they were even more overbought than the Nasdaq, which only hit 80. Seeing those levels (80, 90) is rare and is considered 'nosebleed'. Today SLV hit 30 and GLD is 33, so we're getting into oversold territory, but still more downside to go imo, and we'll be getting even better buy the dip opportunities.
The dollar is rallying after falling all Summer, which put downward pressure on the already overbought metals. But the fundamentals look solid for gold, with the skyrocketing US debt and endless trillions from the Fed now a permanent and depressing reality. 'Circling the drain' is an accurate term for the US and dollar, but the process might conceivably go on for years before the world finally throws in the towel on the dollar. So.. staying diversified is my general strategy.
