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QQQ GLD GDX Pre-Market Analysis (video)

As discussed in the trading room this morning, futures were (and still are) indicating a gap down in US equities and a gap up in GLD & GDX. However, QQQ hit the top of the S1 (1st support zone) on my daily chart to the penny in pre-market trading today & immediately reversed. With gold & GDX trading in unison inversely to the equity markets, should this support zone on QQQ/$NDX hold and stocks begin to move higher, gold & GDX are likely reverse & move sharply lower at or near the same rate of their recent parabolic ascent. This video highlights previous similar bear market rallies in gold along with the subsequent corrections as well as the key support & resistance levels in QQQ & GLD.

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Feb 11, 2016 9:16am|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , , , |Comments Off on QQQ GLD GDX Pre-Market Analysis (video)