With precious-metal futures getting sacked, we looked at a chart of the NYBOT Dollar Index that pointed to even more weakness ahead for gold and silver. The dollar is following through on a very impressive A-B impulse leg and appeared likely to blow through midpoint resistance within the day or perhaps the next. However, on the longer-term charts, the dollar’s surge over the last couple of months, powerful though it may seem, looked like no more than a middling bear rally. We also looked at the E-Mini S&P chart as it was breaking down in real time, but the lesson here was to not read more into the chart than it is actually revealing. The final chart we considered showed March Coffee to be slowly emerging fom the ravages of a bear market, though not yet a buy.
