Sellers had the upper hand today but the Dow managed a gain of 10 points on average volume. The advance/declines were positive. The summation index continues sideways. Both the NASDAQ and S&P 500 posted losses on the day with the NASDAQ off 1.5%. The short term indicators for the S&P are rolling over but are still on the overbought side. It appears that the negative RSI divergence for the S&P on the daily chart is valid but we don't know how long the decline from here will last. I'm not sure if this is the beginning of a sustained move lower but it could be. The SPY September options are pricey though with plenty of time left in them. We've got the Fed chairman giving a speech on Friday and that may have an impact on things. Gold was down $18 on the futures. The US dollar was a bit higher and interest rates a bit lower. The XAU fell six points and GDX lost 1 1/2. Volume remains light for the gold shares. The gold stocks clearly underperformed the precious metal today and we haven't seen that happen in a while. The short term indicators on GDX are rolling over. Mentally I'm feeling OK. The VIX was higher today which fits with an overall down market. Still short term oversold here. If the VIX starts to climb here it will be trouble for stocks. I'm not sure what is about to happen but the weak NASDAQ is not a good sign. The bulls will hope today was a one day affair. I'm hoping things hold up for a while to make the September puts cheaper but hope is not a trading strategy. Europe was higher and Asia lower with the exception of India. We'll keep an eye on tonights headlines.