Market Crash Fears: S&P 500 Drops 2.6%, Gold and Silver Plummet

Summary

Last week saw a significant downturn in the markets, with the S&P 500 closing down 2.6%. The index fell out of bed on Friday, breaking through the first support level at 7,400 and heading towards 7,333. The VIX, or volatility index, surged 40%, primarily on Friday, though the speaker notes a lack of clear catalysts. The dollar, DXY, however, gained 1.1%, nearing its upside target. Bonds are showing signs of moving higher, which means yields will increase and bond values will decrease. Gold experienced a steep 5% decline, breaking below its 200-day moving average and now eyes support around $4,200 and $4,100. Silver fared even worse, dropping 8.9% and hitting its 200-day moving average, with potential further downside to $64 and $62. Conversely, oil, WTI, rose 2.8%, though it's expected to roll over to around $80. Uranium spot prices are up to $94 per pound, yet uranium stocks, like SRUUF, sold off, down 4.3%, with a head and shoulders pattern suggesting further downside. Bitcoin also experienced a sharp 17.3% weekly decline, breaking a parallel channel and with longer-term targets potentially reaching $25,000.