Stocks, gold lower

spcash1119.pngThe stock indexes were lower today. The chart to the left is of the S&P cash. You can see the clear downtrend in prices, and the breakout of the low swing point of six days ago, where the red line is drawn. I usually show the S&P ETF. The ETF rejected that low and closed right on the breakout line. The futures and cash S&P held the breakout of the low. Momentum has turned back down. I had hoped for a rally to get the indicator line back up over the upper reference line, but for now it looks like the downtrend could resume. I will watch that red line carefully, as breakout are often fakeouts, and if prices on Tuesday turnaround and start trading above that line there could be a reversal back up in momentum along with a small divergence, which could indicate a more meaningful correction back up. If so, that could get the indicator back up over the upper line, where shorts are usually safer. Also of concern is the Nasdaq has not retested that low swing point of six days ago yet. More bearish is the World Dow index, which is significantly below that swing point and looks like it is in a freefall.
Gold was down $9 in the pit, and another $2.40 lower in afterhours as this is written. The dollar was flat. Maybe downside momentum in the dollar was overdone. I keep thinking that, but have no clear indication of a reversal yet.