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The markets are under siege again, and it's starting to look more and more like we're in for a bigger selloff than the little mini pullbacks we've become so accustomed to seeing. Not only are some very key levels being breached, something the Elite Opportunity Pro (EOP) team has continued to allude to, the big reversal lately - both back and forth - seem to be setting up for a much bigger move.

You can see the whole story just by looking at a daily chart of the S&P 500, but there's no question tech and the NASDAQ are what continue to see more selling pressure than just about anything else. That's good for all of those contrarians out there - specifically the EOP team, which have really been pretty spot on with a number of different sectors.

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Are these markets crazy or what? The swings are getting bigger and bigger with today's move higher on the S&P 500 today exceeding yesterday's move lower. Go figure. But, everyone I talk to, including myself - who I try not to talk to too much - thinks these markets are still going higher in the long run.

We showed you earlier in the week why from a fundamental perspective the S&P 500 is probably going to continue to make new high ground. And, now that yesterday's reversal has been eliminated, all it's going to take is a few more days of strength and we'll probably find the S&P 500 at new all-time highs once again.

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Another sharp reversal for stocks yesterday following a strong close last week. More of the same volatility we continue to see, so if you're looking to get into these markets right now, you may want to stay away from those high flying tech names that continue to look more and more suspect these days.

Tesla (TSLA) is one that comes to mind. Amazon (AMZN) and Alphabet (GOOGL) also continue to struggle to find new all-time highs. But, many of the smaller stocks we continue to keep an eye on out there actually haven't been doing too bad. As a matter of fact, some of them have actually been doing pretty well in recent weeks.

One of those smaller speculative names in SPYR, Inc. (OTCQB: SPYR) seems to continue garner more and more interest, despite what appears to be a building short position in the stock. One resource we use from time-to-time in an effort to observe how big a short position is in a small stock is http://otcshortreport.com. The site offers investors and professionals an opportunity to see how much of a stock's volume can be attributed to short selling.

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Stocks closed out the week on another strong note, but despite a big gap up this morning, they're moving lower on the day so far. More volatility in both directions continues to keep everyone honest - something that seems to be a building theme lately.

We're only a few weeks away from another very important earnings season, so it will definitely be interesting to see where stocks are once Alcoa (AA) kicks off the new earnings period on July 19th. The guys over at Elite Opportunity Pro continue to believe their target on the S&P 500 is inevitable. However, depending on where the index is come earnings time, it's possible stocks have priced themselves well ahead of the curve lately.

With the S&P 500 continuing to trade all over the place over the last few weeks, any substantial move lower could take the index down to its 50 day moving average around 2,400. That would have to hold, but strictly from a fundamental perspective, the S&P 500 is projecting more impressive quarterly earnings growth ahead.

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The markets continue to waffle in fairly quiet fashion, while gold continues to quietly creep higher - something we suggested earlier in the week could start taking place if the major averages start running into any sort of trouble. The latter hasn't happened yet, but it does appear gold wants to move higher for the time being.

Earlier in the week, we gave you a chart of the Amex Gold Bug Index, so today we'll show you the Philly Gold and Silver Index. Not only is it one of the more popular indexes tracking precious metals, it's a better picture of just how volatile precious metals have been on the year so far.