In today’s briefing:
- SPX Bull Trap Setting Up?; Neutral Outlook Intact; Keeping an Open Mind. Buys in Gold Miners
SPX Bull Trap Setting Up?; Neutral Outlook Intact; Keeping an Open Mind. Buys in Gold Miners
- The S&P 500 (SPX) is approaching 5783, which is the upper-end of an important target/resistance area we have discussed for over a month (5670-5783).
- 2007 SPX topping analog has tracked the current market almost perfectly, suggests a 2% or less move above the prior all-time high set in July at 5670 before topping (i.e.,5783)
- SPX is “breaking out” which is bullish, but time and time again we have seen bull/bear traps (false breakouts/breakdowns) at major turning points. Bull trap confirmed on break below 5670
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