1/21/2026
Let's start with the most over extended market, silver.
this is a five day chart but note the drop in silver today after the earlier all time high. I think this is significant. Gold backed off its $100 open.
Bonds
Bond prices remain below the neckline I drew some time ago. Tsy Secy Bessent and Trump are not paying attention to the real market, the $37 trillion market. Recall interest rates bottomed and bond prices topped in March 2020. The 39 year cycle of rates is rising.
Stocks
The headlines and talk on cable tv tomorrow will be that stocks bounced back and erased losses. Not so fast. This is a thirty minute chart to show what really happened intra day. The market rallied, fell, and then rallied again to close the obious bap from yesterday. But then it fell again. Was this the top. We shall see.
NDX Tech stocks
The tech market also filled yesterday's gap. Notice the over sold RSI at yesterday's close so a snap back rally from the buy the dip crowd was necessary. I give up on calling a top but this is a persuasive case, see silver above.
dennis.elam@att.net
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