The S&P tried 1226 again for the second time in two trading days and for the 5th time in the last month. In its failure to break above the resistance it has formed a double top pattern which is generally interpreted as a reversal. It would have to break down through 1174 for the pattern to be complete, which was the lowpoint since the first top in the beginning of November.
The slow stoch remains overbought which adds weight to the topping pattern. The RSI is diverged from price activity but it can be justified since the price fell after the peak.
Gold managed to close above it’s previous (closing) high set on November 9th of 1410/oz. Last quote for the day was 1413, which is still 9 points off of the intraday high on Nov 9th. Silver remains king of the commodities and also closed near at 29.34, almost another 30 year high. This may put to rest any talk of a double top or SHS pattern in precious metals.
Here’s how some of the junior miners did: Aurizon Mines (AZK) $7.88 ^ 4.88% on the day, Silver Wheaton Corp (SLW) $40.84 ^ 3.89% (all time high set intraday), Revett Minerals (OTC:RVMID) $4.49 ^ 2.75%, First Majestic Silver (OTC:FRMSF) $13.85 ^ 6.74%, Endeavour Silver Corp (NYSE:EXK) $7.29 ^ 6.11%. All securities are up substantially since first recommendation!