The coverage here at STTG of the rising bearish channel over the last few weeks proved to be spot on as the market had a heavy distribution day Friday thanks to a terrible jobs report, breaking below the rising channel and not looking back.
With the 200 MA being questionable support, we can only guess at the next possible downside targets. One thing is for sure though, and that is cash continues to be king.
Also tonight is an updated look at Gold via the GLD 1x Gold ETF. After establishing a double bottom, Gold Friday had a huge gap and run higher up to its 50 MA, making it a potential long candidate to test the waters with.
Stay frosty (sharp) out there and be happy we are not Japan, their market today just hit a 28 year low!
