NEW YORK (TheStreet) -- In our recent commentary on the S&P 500, we discussed a large bullish pin bar pattern that formed on August 12. This pin bar is still in play and we will look to get long, ideally on a retrace back to or near the pin bar's halfway point (see chart below). While above the 2070-to-2060 key support zone, this market is looking very bullish with potential to at least test 2105.00 resistance.
Gold Remains Buoyant but Overall Trend Still Down
Gold moved above 1105.00 last week but stalled into the week's end. Still, that 1105.00 level remains important for active traders this week; while above it we see potential for mildly higher prices, perhaps back up to 11400-to-1150 region. If 1105. fails however, there is massive risk to the downside. If we do get up to that 1140-to-1150.00 resistance zone we will look for one hour, four hour or daily chart price action signals to sell,in-line with the overall downtrend.
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