The final chart is of the E-Mini S&P 500 Futures. As rates have risen and volatility has increased, this has pushed the equity index below its highs. An ETF that closely follows S&P futures is the SPDR S&P 500 ( SPY).

It looks as if the S&P has formed a clear head-and-shoulders topping pattern and has since pushed lower from its highs. Although a strong downtrend might not commence immediately, it does seem as if the index will push toward the 1600 levels.

Expect over the next few weeks for gold and volatility to advance, bond yields to continue higher and equities to show weakness leading into September.

At the time of publication the author had no position in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Andrew Sachais' focus is on analyzing markets with global macro-based strategies. Sachais is a chief investment strategist and portfolio manager at the start-up fund, Satch Kapital Investments. The fund uses ETF's traded on the U.S. stock market to gain exposure to both domestic and foreign assets. His strategy takes into consideration global equity, commodity, currency and debt markets. Sachais is a graduate of Georgetown University, where he earned a degree in Economics.

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