Monday’s Closing Look

Stocks experienced the worst trading day in 2017 after Trump immigration backlash. The Dow negated its latest breakout and fell below 20,000. The S&P 500 also negated its latest breakout and is in pullback mode. The good news is that the market closed off its lows and the Dow, S&P 500 and Nasdaq, at this point, are still above their 50 day moving average lines. Meanwhile, the small-cap Russell 2000 closed just below its respective 50 DMA line.

Gary’s Thoughts:

Crappy day. Worst day since early November. One day does not mean much but could be a wake up call. Watching the 50 day for any number of areas now. OILS get in bigger trouble here. Nothing to do with them. RETAIL dead. Watching GOLD/SILVER as they potentially set up for higher prices.