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S&P Setup for a Snapback Bounce

market is extremely oversold following recent decline. Like a rubber band, stocks tend to snap back to the mean if they have dropped too far from the “fair” value. With that said, if lower stock prices create some values for investors, then, given everything being equal, the market should be able to find some buyers. However, give the significant damage that had been done over the past few days, we may need to see evidence of exhaustive selling to suggest that near-term risks are ebbing. S&P’s 2700 is the line in the sand. A close below that level could trigger a torrent of selling, which would eventually push the S&P down to the early 2018 lows

Trading Strategy – SPDR Gold Shares

  Gold turned positive on Tuesday as some aggressive traders stepped in when it approached $1,200 per ounce.  U.S. gold futures for December delivery settled up $2.40, or 0.2 percent, at $1,202.20 per ounce.  The SPDR Gold Shares (GLD) rose 0.06 percent to 113.22, down more than 8 percent YTD while the S&P gained 8 …[read more]

Trading Strategy – SPDR Gold Shares

  One of the noteworthy developments in recent days has been the move in gold.  Spot gold dropped to one-year low as bullish comments from U.S. Federal Reserve Chair Jerome Powell boosted the greenback before buyers stepped in and pushed the yellow metal off the intraday low.  Spot gold was up 0.02 percent at $1,227.31 …[read more]

Trading Strategy – SPDR Gold Shares

  One of the noteworthy developments in recent days has been the move in precious metal.  Gold futures rose 1.15 percent to settle at $1304.4 per ounce as traders seek refuge in the yellow metal during periods of geopolitical uncertainty and turmoil.  The SPDR Gold Shares (GLD) was up 0.86 percent to 123.59, down 0.8 …[read more]

Trading Strategy – SPDR Gold Shares

  One of the noteworthy developments in recent days has been the move in gold. The yellow metal slid to a two-month low on Tuesday as the dollar strengthened ahead of a U.S. Federal Reserve policy meeting.  While the FED is widely expected to stand pat on policy for now, traders will be closely watching …[read more]

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