October 6, 2016

S&P 500 Futures Triangle pattern

  • 4 Hour time frame continues to show a contraction pattern. Price yet to make a decisive move.
  • Moving average lines in daily chart are crucial. Daily candle closing outside these lines may trigger a bigger directional move.

Gold bearish breakdown

  • Gold Month chart shows weakness near Month cloud.
  • Weekly chart has broken down from the descending triangle.
  • Next support level or target zone for this breakdown is near 1210.