As I told yesterday "2 of five indicators show weakening AD volume momentum. Volume based sentiment shows rising trend, usually pushes SPX higher". 60 min volume analysis clearly shows this manifestation actually happened in a day, flat selling volume signal on 1-day and 2-day chart clearly shows smart money used this moment to make a dip buy.
I'd like to emphasize: news almost always reactive instead of proactive, they try to explain things instead of forecast.
Now selling volume needs to eliminate on 60-min charts. It's a slow progress. Selling volume can not be identified as major institutional selling pattern (institutions as market makers trade in small installments in order not to change prices), so mainly made by retail. It means pretty fast elimination, then bull will return and manifest. (explanation: 1 and 2 day volume changes are major ones, they usually mean upcoming price manifestation. If volume changes cant' be shown, only on 60-min charts, then main trend remains unchanged.)
Gold will climb. I am sure I dont need to explain why. I made a new dip-buy today before the FED statement.
I promised some charts and more detailed analysis yesterday, however I am in constant lack of time to make them. Please try to log in to your marketvolume account (I hope you already have that) and use my oscillator setups to see how volumes changed. Also try to make 1 day and 60 min ichimoku analysis. You will see cloud support established on both scale and market is prepared to make a nice climb. I expect some nice rally this week, but then a slowdown or correction is pretty foreseeable next week.
I'll try to come back later today. If not, this short update comes tomorrow again.