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Gold & Stock Market Recap for May 18, 2015

GLD (gold ETF) printed a solid close below the bearish rising wedge pattern today on impulsive selling, opening the door to a move down to the 116 level & possibly beyond while GDX (gold miners ETF) also printed a solid close below its bearish rising wedge pattern on impulsive selling & is likely headed lower in the coming days to weeks+.

Both QQQ (Nasdaq 100 tracking ETF) & SPY (S&P 500 tracking ETF) once again managed to bounce off the bottom off the bottom of their 3-week sideways trading ranges & both look poised for a breakdown & resumption of the downtrend any day now.

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May 18, 2016 8:20pm|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , , , , , |Comments Off on Gold & Stock Market Recap for May 18, 2015