Good Morning! S&P pivots are below and we’re consolidating in the upper end of this V-shaped reversal area. With a gun to my head, I’d have to say we continue higher this week – POMO style.
Technically, though, this would be the area where a continuation lower could/should happen 1315 – 1320.
Gold and Silver are weak this morning and dollar continues stronger. I will update on these later, but it still looks as though high and tight consolidation is what’s happening, which is good. 2 days of backing and filling works off the overbought condition and prepares the metals for a better move higher.
Have a good week and trade the extremes!