Stocks rebounded a bit in a very choppy sessions. I’m getting seasick watching the ups and downs of these markets. The S&P, as represented by the ETF in the top subgraph shows that test of the support level. It tried to take out support, but selling dried up and the market rebounded after trying several times to gain downside momentum during the trading day. Momentum indicators on the daily chart are still down but getting oversold. Q’s are still far above the same pivot, although it did break very minor pivot of a couple days ago. Not much to show on chart so I left it out.
The gold market, in the bottom supgraph, finally had a bit of a shakeout. You can see that it tested the trendline and held, so far. I don’t put much weight on static, straight trendlines, but many traders look at them, so I like to be aware of where those lines are. The more important pivot is below. So far trend still up and this pullback was overdue and expected. If support holds there could be a good entry point in the next few days. Only worry is dollar deeply oversold and more of a bounce could spark more downside short term. There’s always a worry in every trend.