Today we'll revisit two charts we first published last February.
The monthly SPX chart below allows for easy comparison between the last three SPX rallies. Gann angles do a very good job of showing the rate of ascend and acceleration in the second half of the '94 - '00 and current rally. We just added two trendlines in blue. The one on the right side shows that a drop below 1800 - 1790 will represent a violation of the current monthly trend line:
The daily SPX chart below shows the last six corrections since '13. Here the 1800-1790 is the level of the lower channel line which has provided support on several occasions so far:
In summary, 1800 - 1790 are the key technical levels to watch for next week as a drop below them will signal a break in the daily, weekly and monthly SPX trend.
The equivalent level for the DJIA is around 15,600:
Gold and silver have dropped below key support/resistance levels and have traded in a very narrow range for the last three weeks. The 50% retracement level remains our bullish/bearish fulcrum for GLD:
