The following video provides intraday technical analysis of the US stock market, tech sector, gold & US Treasury bonds. Essentially, the major stock indices are trading just below key resistance levels which, if clearly taken out, could open the door to a run at & quite possibly above the previous highs. At the same time the stock market approaches those potentially pivotal resistance levels, the risk-off assets, gold & US Treasury bonds, have also fallen to at or near comparable key support levels.
A breakout & rally in the equity indices would most likely coincide with a breakdown followed by additional downside in gold & Treasuries. Essentially, we appear to be at or very near important technical levels that have the potential to determine the direction of the next 5-8%+ in the stock market as well as the next trend in the risk-off assets. As of now, the near-term trend in the stock market since the Sept 19th highs remains bearish with some nearby support levels included in the video that could spark the next wave of selling, should the market fail to take out the key overhead resistance levels with conviction.
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