Here Is An Important Look At Gold, Stocks And The U.S. Dollar
Here Is An Important Look At Gold, Stocks And The U.S. Dollar – King World News
On the heels of the stock market decline and rally in gold, here is an important look at gold, stocks and the U.S. dollar.
S&P 500, Gold & The Dollar
By Michael Oliver, MSA (Momentum Structural Analysis)
May 18 (King World News) – S&P 500 In two reports this quarter (April 26th, page one; May 6th, page one), we made a case for the S&P500 reaching a specific number above the market: 2405.40. In momentum technical detail we gave our rationale for wanting to see that number achieved (even down to the decimal that we wanted). It was especially a welcome number to reach on the upside if you’re a closet bear. See those reports for the explanation…
After an excruciating report, the S&P500 managed to achieve that number yesterday morning, trading to a high of 2405.77. As soon as that number was tagged, the upside halted—cold.
Now, a day later, the S&P500 is probing towards our first long-term momentum breakage level. But before this drop it did what was needed, and we can thank the bulls for giving us that number. The focus now shifts to the layered downside triggers. All involve violation of long-term trend alert levels on quarterly or annual momentum. We’ll have a full update this weekend. For this week, the Trade Sheet (sent Monday) defines a weekly close at 2353 as a first long-term momentum negative structural event. Currently the index is at 2357.