Yeah I don't see a correlation with the S&P and gold.There would be a correlation with the S&P and gold stocks in that a liquidity event would cause both to go lower but one could easily rise or fall with or without the other. It would depend on the cause of the action.
Its certainly difficult to see the S&P moving much higher considering that the economy is rooted and is not coming back. It will bounce but when actual reality sets in the the direction will more than likely be down and the S&P will probably go down the elevator.
Regarding gold over the next few months, I still believe that there is a reasonable chance of a spike high and then a decent consolidation before moving higher.The problem with this thesis is that the fraudsters are interfering with the cycle and are "heavily" interfering in this and so are preventing the natural cycle from completing. So if this continues it looks like two steps forward and one back until something gives.
Looking at gold technically and daily stochs have just dropped below overbought with the rsi also dropping well below overbought. The daily rsi is trending in a negatively divergent manner.
The weekly has stochs highly overbought with the rsi reasonably below overbought and is also trending with a big negative divergence.
Monthly rsi is well overbought but turning lower with monthly stochs about the most overbought they have ever been.
So a completion of the daily cycle would more than likely usher in decent corrective action allowing the technicals to realign. Its just not happening so we wait to see whether gold breaks free of the fraudsters and completes the cycle or they continue to be heavily in the market and are successful in their on going cap and attack operations
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