Gold Looks Buoyant, While S&P 500 Remains Vulnerable

I am not sure what is real, and what is Memorex, as they say.

So I will rely on the charts to provide hints about what is going on "out there" in the real economy, ahead of next week's election.

Right now, the Emini S&P 500 (e-SPU) remains vulnerable to still more weakness, especially if it violates and sustains beneath 1393.

Only a sharp U-turn that hurdles 1418.25 will neutralize my suspicions for the time being.

Spot gold and the SPDR Gold Shares (GLD) are the bright spot technically.

Let's notice that spot gold is pushing up against key resistance at $1725.

If hurdled and sustained, it should confirm that an important near-term low has been established.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!