As shown on the following monthly comparison chart of the SPX, GOLD and OIL, the Balance of Power has shifted from buyers to sellers in the SPX on this timeframe.
For clues as to further weakness or strengthening of the SPX, please refer to my comments with respect the SPX:VIX ratio in my last post, which hints of further weakness. Furthermore, January's candle formation on the SPX is a shooting star, also a bearish signal in the longer term.
Near-term major resistance sits at 1600 for GOLD. That level must be recaptured and held to support any further sustainable rally with conviction.
