Gold did close above $1300 an ounce, making a new all-time high, so instead of just posting a straight-up gold chart that will undoubtedly be posted all over the Internet today, how about a twelve year chart showing the ratio of the SPX and Gold. The SPX, priced in Gold is not a pretty sight since the highs back in early 2000, just imagine what the SPX would look like if we still had the Gold standard, long-term bullish investors would not be jumping up and down as they are now.
Upside targets for this 5th wave are still in the 1158-73 range.
Any break below 1122.79 would be a huge warning for the bulls that the uptrend might have concluded and the SPX is in a new phase. There is a chunk of support at 1117.51 and 1116.35 from the 200 and the 20 day MA's. And for resistance, the 200 week MA is currently at 1199, which would be pushing the limits for labeling this as a corrective rally.
Breadth finished the day running at 2.43:1, advancers, weak, but on a slight uptrend over the last four days.
The Trend Finder is still whip-sawing with the longer-term signals 75% bullish, and the short-term signals 75% bearish, leaving the other 50% not able to confirm any signals. BTW, that does add up to 200% because we are working with two sets, short, and long term.