The S&P 500 looks like it is finally ready to break out to new highs over 2200. As the underinvested and bearish hedge fund managers get back from the Hamptons, the high fractal dimension on the daily chart can power a move that will put tremendous pressure on them. I expect this upswing will last to the September 21 turn date, although I’d rather see a decline into that date to set up a surprise October rally.
Gold bounced off $1,306 and touched its 38.2% retracement level on Friday. The fractal dimension dropped through 55 on Thursday and the trend changed to up. This move should take gold over $1,350, on the way to $1,400.
Bitcoin showed some strength over the weekend, and is back over my buy limit. The 38.2% retracement of the drop from June 18 to August 2 is at $613. A break over that level would be very meaningful.Print This Post