So Far the Market is Consolidating Under the Highs

While there have been substantial down moves the past few days, the markets have not given trend sell signals to any degree yet.  On The S&P, the market will probably roll around in the 1150 to 1190 area until we see some trend sell signals that will take it down to the 1005 support area mentioned on April 19th.

The dollar continues to gain ground but the panic environment has attracted enough support to gold to keep the dollar / gold relationship from splitting apart as we eventually expect.