The S&P 500’s movement stayed consistent forming a Spinning Top pattern on both last Friday, and the same pattern for the week. We saw Friday sell off a full -1.00% before rallying to close at only -0.37% at $2,966.20. The week committed to the same action, as it moved up +¾ of a percent then down -1.48% to close at only -0.69%. This movement showed indecision and shows us investors and traders are still within a holding pattern.
On the Daily chart, we saw a double topping pattern between $3,025 to $3,000. If this area holds as a profit-taking area or a sellers order base we could see the S&P 500 move impulsively down to $2,900.00. We believe we will see the $2825 on Gold as tensions in the US, UK, and China ease a bit.
THE PLAY: A sell trade is potential upon the break and close of the daily trendline bottom.
On the Daily chart, we saw a double topping pattern between $3,025 to $3,000. If this area holds as a profit-taking area or a sellers order base we could see the S&P 500 move impulsively down to $2,900.00. We believe we will see the $2825 on Gold as tensions in the US, UK, and China ease a bit.
THE PLAY: A sell trade is potential upon the break and close of the daily trendline bottom.