Rally failed to reach 1228.80, which would have confirmed the up-trend signaled on Dec
26th. A close today below 1187 signals either a resumption of the gentle down-trend signaled Mar 3rd-11th, or perhaps a steeper down-trend following the channel drawn in pinkish-purple. Support at 1171.1, 1162.8, 1148.7, or (gasp) 1127.2 will confirm a longer-term bear
market. Failure to hold 1071.60 (a median line
set established in 1985) would surprise the bejeepers out of me. Holding my GLD
long 114.5 puts.