Just a quick note… possible twist in the plot. Conditions apply…
S&P500 futures are stalling at a familiar resistance zone (marked out weeks ago), which failed twice before. MACD appears weak and indecisive, suggesting a volatile move building up. Bias to the downside. Must break the immediate support level to validate the double top in the hourly chart and register a lower low. Next to break the hourly 55EMA decisively.
On the other hand, as an inverse proxy, Gold appears to base out at 1500. Note the 4hourly chart marked green circles of previous consolidation. Must break out of triangle for an upside surge later this/next week.
The daily Gold chart keeps the wider perspective intact too.
The Gold story had just been given a validation boost by Marc Mobius in Bloomberg.
Watch as the story develops….
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