Gold and silver prices look primed to turn higher after getting pounded for the last two weeks. Does that mean stock prices, which usually move opposite bullion’s, could top out at or near these levels? The chart provides good reason to think so — or to hope so, if you believe shares are overdue for a breather. The E-Mini S&P futures will be challenged to get through the trendline shown. It comes in at around 3119 and will rise to 3125 next week. My gut feeling is that these numbers are sufficiently ‘magnetic’ to use as minimum upside objectives for the near term, but also as firm resistance points. Don’t count too heavily on Tuesday night’s full moon to reverse the bullish tide in stocks, however. According to a subscriber posting in the Rick’s Picks trading room, lunar cycles correlate with reversals in gold, not shares.
