Gold and S&P 500

On a macro basis: I cautioned on 8/16/18 the break back above 11797-837 warned of renewed strength. We have seen $382.5 of this. We held an exhaustion area within this at 12756-690 with a 12746 low and have rallied $291.6. We held another exhaustion area within this at 14160-137 with a 14121 low and rallied $154.1. The break above 13470 projects this upward $80 minimum, $320 (+) maximum. We have attained $219.2 of this so far. These are OFF hold. Keep in mind that within those bullish projections we have possible macro exhaustion areas above for this macro bullish correction (if it is a correction) against the move down from at 19114 in September of 2011 that come in at the 15306-810 general area, and 17264 area. We have rejected out of the lower level a third time now with a 15662 high for $101.2, but this is now on hold. The decent trade below 14971-69 only brought in $31.9 of the $47 minimum we were looking for below before holding the 14677-581 exhaustion area with a 14650 low and rallying $46.4. The break above 14933-37 negated the lower bearish reversal and has brought in $17.7 of the decent short covering we are now looking for, likely back toward 15660 (+). The decent break back above 14976-77 gave added confirmation.  

On a short-term basis: We saw $56.7 from the 15217 breakdown level before holding the exhaustion area below, but I would no longer be looking for more from this.  We made the deeper correction against the move up from 13964 warned about before holding the exhaustion area mentioned above. NOTE: The maintained gap lower in the S&P 500 left the medium-term bearish reversal above, and also violated a medium-term bullish reversal below, which should bring in pressure in general for days/weeks, likely to test 282500-2050 (-). Furthermore, the decent break below 290600 in the S&P 500 projects this downward 137 points minimum, 213 pts (+) maximum. If we break decently back above where this comes in tomorrow at 290800-25, look for decent short covering to come in.