Stock indexes and gold suffered large losses today. The Nasdaq, shown here as the QQQQ fared better than the S&P, shown as the SPY etf in top graph. The Q’s held support and closed well of their lows. The S&P broke support and is well under the swing point drawn with the blue line. Gold is at a similar support area, although the trend as defined by the regression curve (dark red line) is sloping down and now price is back below it. I would have to assume the S&P should now be traded from the short side, while the Nasdaq 100 still from the long side. If gold can break above the upper error band the uptrend should resume, but doesn’t look encouraging at the moment. At least there was some recovery in all these markets. Price rejected the lower levels, so far. I expect a bit of a bounce because of this, and then most likely a retest of lows before any meaningful rally attempt.
I have a more detailed review of the downmove of the last few days in an article here.