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My post of May 21 identified a pivot point resistance value/target (R1) of 3095.86 for the S&P 500 Index (SPX) for the month of May.
Its S&P 500 E-mini Futures Index counterpart (ES) has almost touched the 3000 level in Monday evening’s trading session, as shown on the following daily chart.
There are four trading days left in May for the SPX to reach its R1 value, which coincides with the next technical resistance level of around 3100 for the ES (the median of an uptrending channel converging with overhead price resistance).
As we are now in the early stage of a fundamentally-driven gold uptrend, we’re speaking here, not of gold mining companies that actually own and operate mines, but those companies that provide capital to gold mining operations.
Streaming and Royalty companies provide cash up front to develop a mine, and in exchange, once the mine is active they get to buy a certain amount of gold and silver at far below market prices, or get a percentage of the output.
Companies in the royalty/streaming arena are considered lower risk as they have no direct exposure to the operating risk that mining companies generally face.
Preface to all three parts: This is going to be a quiet weekend, so I am sharing my 45 short positions in three equal parts. I have made a point of showing the entire graph, so you get the “big picture” view (click any chart to enter gallery mode for huge charts). I must say, as nettlesome as the market has been, these are all really beautiful setups.