Markets consolidated on Friday after a week of sharp declines. On the SPY chart above, we have gap resistance above price and a retest of the August 9th lows just below. Headline risk related to tenuous global economic conditions and precarious financial conditions in Europe will continue to dominate.CME will be raising metal margin requirements by EOD tomorrow on gold (21%), silver (16%) and copper (18%). Expect more forced selling.
The good news is, we should get a robust relief rally when capitulation finally occurs!
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