http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

Old highs represent resistance, and that is where the SPX got its nose bobbed in an attempt at a new high.  We are probably in for a downwave now.  We are skeptical about the trendline, but it’s broken and besides the formation here argues for a reaction.  The conservative thing to do here is wait for the old highs to be taken out.  The probable action here will be  volatility and the irritation resulting.  It is impossible to tell from the chart, but we feel a tremor in the force –The back of this bear wave is broken.  The only question is when to push all the chips in — a question we examine two or three times a day.

Meantime the doom and gloom crowd is predicting….what else?  doom and gloom.  Therefore, buy gold to protect yourself against the central bank printing press.

http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=0&id=p60546422961&a=255869372

Price broke out of the triangle, but price action then canceled the buy signal.  The gap two days ago finishes off any positive expectations.  Remember.  Being right and too early is akin to being wrong.