That resistance zone around 25,200 - 25,280 seems to have turned down the DOW on Wednesday, but will the broad stock market continue down into the next reversal zone that starts next Friday (July 27 - August 6) to make a significant bottom? Maybe, but even if equities start rising again, they only have four days before they enter that reversal and likely turn down again. As long as the DOW stays below that resistance area, I think I will be holding my short position in this market.
After falling steeply this week, gold and silver prices are taking a breather today with a relief rally. We are not in a reversal zone for precious metals (the next one is July 30 - August 7) so I don't think this rally will gain any legs. Both metals broke important support levels this week and are looking quite bearish. As I stated on Wednesday, I will comment on the longer-term picture of gold and silver sometime this week-end. We are out of both gold and silver for now.
After making a high at $75.27 on July 3, crude oil fell to a low of $67.03 (August contract chart) on Tuesday this week and prices have been rallying a bit from there. That low was too early to be a significant sub-cycle bottom, and we are not in a reversal zone for crude so I suspect prices will turn down again soon. Let's wait to see if we get another low in the next reversal zone (July 27 - August 6, same as for the broad stock market) for another opportunity to buy. On the sidelines of crude oil.