Charts Suggest S&P Oversold

NEW YORK (TheStreet) -- The last week of October was something else. Heavy fiscal year-end selling for mutual funds seemed to put a damper on good news and push stocks and commodities lower.

October is historically a tough month on the U.S. market with mutual funds locking in profits on their books.

Below are some charts showing my analysis on gold, silver, oil, natural gas and the S&P 500 index along with a seasonality chart proving that October has more selling pressure than other months.

Gold

As you can see from the chart below we appear to be in the middle of a pivot low correction which can make for some great entry points. The trend is up, gold is oversold and it looks like we had a reversal low last week.

Silver

This is a chart I posted a couple months ago and so far silver has traded within the trend lines and support and resistance levels I pointed out in early August. Silver still looks bullish as it is trading at a pivot low.

Gold Miners

Gold mining stocks appear to be trading near the bottom of the trend channel. The odds are still pointing to higher prices.

Oil

This chart of the United States Oil Fund(USO Quote) is also from a recent post in early October. USO broke out and is now trading at our support trend lines. There was a nice reversal candle last week but the heavy selling across the entire market pulled oil back down.