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SPX just missed hitting the daily upper band yesterday and has retraced hard overnight. The daily middle band is at 1967 now and if that can be broken then the obvious target is the daily lower band, currently at 1949, with a likely hit tomorrow or Monday. SPX daily chart:
Poor old gold has had a rotten week so far. Even today’s attempt to undo some of the damage is getting partly reversed as I am typing this. I would point out that miners might – I say again, might – have eased down to a level that represents a reasonable risk/reward ratio. I, for one, am avoiding precious metals altogether right now, as the beautiful bullish breakout intact as of Friday’s close has been smashed to smithereens.
