Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Gold Outperforms the SPX Since Fed's "No Taper"


Although the e-SPZ (e-mini S&P 500) broke prior support at 1687.50, it did not follow-through to the downside, which has the potential to spring a minor bear trap.

Then again, the absence of down-side follow-through has not triggered meaningful buying interest either.

Bottom line: the e-SPZ continues to exhibit a stair-step decline of lower-lows and lower-highs since the "no taper" spike high at 1726.75.

Unless the pattern is disrupted by a climb above 1701, the bears will remain in directional control.

Meanwhile, spot Gold has surged above key near-term resistance at $1330, and is consolidating its gains above the breakout plateau, suggesting strongly that there is more upside ahead.

Should strength resume, the larger pattern since Sept 13 increasingly resembles a developing base that points spot Gold towards a test of $1375/85 next.

  • 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!