Well, the S&P 500 did not quite go high enough to give us an outside reversal day. Last week’s high was 985.44. This week’s high was 948.38.

However, some people will say these lines are drawn in crayon, not with razors. So, make your own decision.

In other news, lots of bearish stuff on commodities …

Vale Will Cut Output as Credit Crunch Crimps World Iron-Ore, Metals Demand Cia. Vale do Rio Doce, the world’s biggest iron-ore producer and second-largest nickel supplier, will lower output because the global credit crisis curbed metal demand.

Gold Futures Tumble 18% in October, Most in 28 Years, as Dollar Rebounds Gold futures fell, posting the biggest monthly decline in 28 years, as the dollar climbed, reducing the appeal of the precious metal as an alternative investment. Silver also fell.

Wheat Heads for Biggest Monthly Decline in 22 Years on Dollar’s Strength Wheat fell for a second day as a worsening economic crisis and a rallying dollar erode global demand for supplies from the U.S., the world’s biggest exporter of the grain.

Commodities Head for Worst Month in 52 Years as Economies Slow Worldwide Commodities headed for their worst month since at least 1956 on concern that a slump in global economic growth will sap demand for raw materials.

And 1 piece of of bullish news on oil …

Crude Oil Rises as Colder Weather Increases U.S. Demand for Heating Fuels Crude oil rose, following heating fuels higher, on forecasts for lower temperatures in the Midwest next week.

And resource company news continues to be pretty good …

Goldcorp Profit Rises Fourfold After Output Increases, Bullion Price Gains Goldcorp Inc., the world’s second- largest gold producer by market value, said third-quarter profit rose fourfold because of higher bullion prices and a foreign- exchange gain.

Chevron profit doubles to $8 billion Chevron Corp. said Friday its third-quarter profit more than doubled to nearly $8 billion, built on the summer’s record run of triple-digit crude oil prices. At the same time, the subsequent slump in the global economy and sharp drop in energy prices have prompted the nation’s second-biggest oil company to rethink how quickly it should spend its third-quarter winnings.

Finally, let’s look at the SLV.

The SLV (Silver ETF) continues to consoliate Wednesday’s rally and remains above the 10-day moving average (the blue line). Momentum indicatos are turning bullish hinting that sideways to higher prices are possible near-term. Upside targets are 10.24 and then 12.50.

Have a good weekend.

Last 5 posts by Sean Brodrick

• The Golden Phoenix - February 25th, 2009
• Blessing in Disguise - February 4th, 2009
• What I'm Reading Today - January 7th, 2009
• Gold and Oil Short-Term Trends - January 7th, 2009
• Is Gold Poised for a Pullback? - January 6th, 2009