S&P 500 made the predicted decline towards 4,360s, but didn‘t reach the lower border of Friday‘s intraday consolidation. That would be the first decline target, with Friday‘s breakout level of 4,330 being the second one. The clues though remain very short-term bearish – from weak HYG to semiconductors underperforming tech, weak breadth and slowly rising USD pressure even if the top is in.Thus far the SPX consolidation has been in the form of a very shallow decline, and the intraday clues given correspond to that. Below, you can see one of my latest chart posts in our premium intraday channel yesterday, to the effect of still favoring stock market sellers ever so lightly. Yes, these low time frame signs are notoriously less reliable, but markets aren‘t offering many more clues. 
More commentary and calls can be found in the chart section – and that concerns as much S&P 500 as gold and oil – what an interesting price action unfolding in both!Suffice to say that Chinese export data down and German industrial production declining, characterize the slowly approaching recession that US won‘t escape. 
This is but one illustration why a slight pullback is favored here – I am not looking for much improvement in breadth characteristics today. Gold, Silver and Miners 
Precious metals are readying a plunge from the daily chart of yesterday, and I already alerted clients over the premium Telegram channel for Trading Signals subscribers about the level mentioned in the caption as being a good long entry opportunity. Gold price have risen almost $10 since!More By This Author:Making Sense Of Sharp Turns Goldilocks Latter Innings IndeedNo More, Markets Said
