Although Gold Shares (GLD) has a long way to go to repair some of the damage it sustained during the past few sessions, there are some important signs that argue for a basing period followed by a new upleg.
If the S&P 500 is weak during the first hour of Tuesday trading, then a break off 1235.18 will point the index towards 1229-1228, which represents the 62% Fibonacci support level of the October-May advance.
Mike Paulenoff writes that if the 126.20 level in the SPY is hurdled, it could trigger a powerful upside extension of what could end up challenging the recent highs at 129.56.
Mike Paulenoff asks should we believe that the dominant near-term trend is still alive and well, and that current strength is a minor relief rally prior to another bout of selling pressure that revisits the May 24 low?
The SPY's pivoted off of yesterday's pullback low and have rocketed in what looks like the beginning of a new upleg within the larger upside recovery rally.
Mike Paulenoff writes that the underlying pattern in the S&P still argues for additional strength, and could trigger a secondary thrust towards the 1290-92 target zone.
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