Today is a ½ cycle turn date for SPX and , what is more important, it has retested its mid-cycle resistance at 1267 and the lower trendline of its Broadening Top formation at 1270…and failed. The elevated Volatility appears to enable turns at the half-cycle and that should be readily apparent by mid-day.
This morning may be called “Berlusconi’s Last Stand” as the Italian Parliament votes on measures to pass a budget without an absolute majority. Let’s see how fast this agreement falls apart in the country with the second highest debt of all Europe.
We are already seeing a massive drain on liquidity in Europe as banks no longer trust one another and park their funds with the ECB.
Today is also the Primary Cycle mid-term turn date for GLD. This portends a potential decline to 125.00 over the next 6 weeks. Things are getting more interesting…
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S&P and GLD Cycles Turn
Published 11/09/2011, 06:17 AM
Updated 07/09/2023, 06:31 AM
S&P and GLD Cycles Turn
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