An excerpt from Fat Pitch's post, "Most months start strongly. August is an exception; it is typically weak through mid-month. The entire month, recall, is typically weak, coming on the back of seasonally strong July. This year, July did not disappoint, rising 2.3% (NDX rose 4.4%; chart below from Stock Almanac)."
GLD is still hanging in there but not making much movement. It issued a buy signal on the daily RSI but wasn't convincing. Volume hasn't increased either which is promising, as the sellers as not out in force. I am going to give my DUST puts a few more days to perk up before I will probably let go of them at a loss. The longer we linger down here, the more likely it becomes that a wash out low occurs. If this is a temporary bottom, I would expect a fairly strong spike to the upside.
SPY printed a sell signal on the hourly with a pretty good negative divergence set up so it is very possible we see a pullback starting this week. I held up on going short because of the low volume Friday and wanted to see a bit more evidence before jumping in. If we gap down Monday I will go short.
VIX is also printing a buy signal which has been fairly reliable in the lower zone with a hollow reversal candle.