Gold Topped and the SP 500 Bottomed on the Same Day In October, Implications…

I have been watching this huge consolidation in $GLD since December. Here’s the chart posted then:

gld1220

 And here’s an updated $GLD chart from this morning zooming in on the narrowing range:

gld0325

$GLD topped on October 4th which just happens to be the same day that the $SPX bottomed.

sp0325

Aside from the convenient symmetry there, I take note of this as we near the bottom trend line in $GLD. A break below that level, signaling a breakdown, may indicate bullish for equities.

 

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