On the heels of the continued smash in the gold and silver markets, here is a look at stocks, the US dollar, euro and the panic in the gold market.

Stocks, Dollar, Euro & Gold Panic
August 15 (King World News) – This is from Andrew Adams at Raymond James: S&P 500 Fails Just Under All-Time High – Like after a big Thanksgiving dinner, global stock markets have been dealing with some Turkey-related sluggishness. The S&P 500 was just points away from a new all-time high last week, but was unable to make it above the threshold. Instead, over the last three sessions it has traded eerily similar to how it did just before its quick, early February sell-off – gapping down from near all-time highs before following that up with two more volatile sideways sessions…

Back in February that sequence then led to a 2% down day to kick off a more meaningful decline, but, to be clear, we are not expecting a repeat of that decline this time. Should the near-term weakness continue, however, we think the most likely horizontal support zones will be found near 2821, 2790, and 2740, with a diagonal trendline also in the mix (green dotted line). Resistance will continue to be expected near the 2872 all-time high, but the area around 2850 has also developed into a level of interest that will likely increase the selling pressure just above the current index level.

S&P 500 Fails To Make New High

U.S. Dollar Index Breaks Out
We noted in last week’s report that the U.S. Dollar Index looked to be challenging the upper end of its recent trading range and that it could be on the brink of breaking out. Well, that has now occurred, with the dollar definitively thrusting above the 95.25-95.50 area we were watching closely. This breakout implies a stronger dollar is now the expectation. The index has rallied up more than a point above the previous resistance zone, but the area around 97.50-98 looks to have been of importance historically, too, and could come into play in the weeks ahead…..more here