What John Howell said in this video:
- Market Breadthnegative for stocksThe Russell and Dow are breaking down while the S&P and Nasdaq remain near resistance, producing a market-wide warning sign and deteriorating breadth that could lead to a broader pullback.Source
- IWMbearishThe Russell 2000 has broken down from a double top pattern and is continuing sharply lower, with more downside expected.Source
- DIAbearishThe Dow has formed a reversal candle and is rolling over, giving an early warning sign of a trend end and more downside ahead.Source
- SPYbearishThe S&P 500 is still near resistance, and once it breaks below there it is likely to start the same big correction as the Dow.Source
- QQQbearishThe Nasdaq has failed after pushing above a level, forming a potential false breakout pattern with more downside to come.Source
- Othernegative for stocksshort-termThe silver junior mining sector (SLJ) looks weaker and is breaking down, with further downside likely.Source
- GLDbearishlong-termThe gold ETF (GLD) is about to break a new low as the long-term gold bear market continues, with more downside ahead.Source
- Othernegative for stocksshort-termIf the gold market breaks below the 4,000 support, it could quickly move down to 3,500 given the lack of support below.Source