SPX chart - descending Triangle

SPX chart - descending Triangle

I have not had too much time to go through the charts today, as I have been helping our VIP members. 

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The S&P chart is quite interesting right now on the daily. As you can see below, there looks to be a smaller descending Triangle that seems to be setting up. And it might need to play catch up with the DOW JONES INDUSTRIAL AVERAGE that seems to be leading at the moment.

S&P Chart below. 

s&p chart - descending triangle

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Gold In Trouble

Since the fed announcement we can see that the market has been heavily influenced. Gold has not been doing very well lately, and with the fed news, things just got worse for gold.

When you take a look at the chart you can see that we have now breached the 1300 level, which is a good psychological level, and gold has also broken what we term a descending triangle too with the support being just above the 1300 level.

That would mean a double confirmation that we will soon see lower prices in gold.

gold in descending triangle pattern

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