The past four sessions on the platinum chart form a downward smash from $1596 to today's low of $1495.10 to close at $1506.80 down $30.50 on the day. Along side of pronounced technical damage to the S&P we can look for lower commodity prices, especially industrial metals.

Copper has been having real trouble holding on to the $3.00 mark. It closed today at $2.8800 down .0735. It looks like September copper will break support at $2.85 and then $2.75. If there is any demand out there it has to start showing itself or the industrial metals are toast. Burnt toast. If the stock market doesn’t turn around there will be real horrifying selling pressure, the type that will convince everyone that the recession is here to stay.

How low can platinum go? If the October contract consistently trades below last May’s low at $1473, the last bastion for the bulls, it would be critical. With follow through selling in gold we would look for support in platinum at $1100.

Oct platinum $1,506.80, down $30.50; Range $1,495.10-$1,540.00
Sep palladium $429.05, down $15.35; Range $424.00-$445.45
Aug gold $1,206.70, down $39.20; Range $1,198.40-$1,244.80
Sep silver $17.790, down 91.8 cents; Range $17.735-$18.690