Charts: S&P 500's Uptrend Remains Intact; Gold Surges Higher

The S&P 500'sI:GSPC upward trend remains intact, and now we're looking for a buy signal. 

Last week, this major stock market index retraced lower, but we view this as a minor correction to the downside within the overall uptrend that's been in place for some time now.

We continue to look for buy signals on pullbacks to support levels (downside corrections within the uptrend). We will consider buying this market close to or just above the 2030.00 area this week only if we see a price action confirmation signal from there this week. We will retain our bullish (upward) bias on this market until we get a convincing close below the 2000.00 level.

As in the following chart, the price of gold broke up and out from a multimonth consolidation (sideways price action) range last week as the uptrend kicked into high gear. This week, we are looking to buy this market should price weaken slightly and form a price action buy pattern. This would ideally be down near the 1250.00 - 1260.00 area. We will remain aggressively bullish on this market while it trades above the 1208.00 - 1230.00 area of support.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.