https://stockcharts.com/h-sc/ui?s=%24SPX%3A%24GOLD&p=W&st=1990-01-01&i=t5510735920c&r=1547477995758
One thing I like about stockcharts is the ability to chart one ticker vs another. In doing so, you can assess the ratio of what may or may not be correlated assets to weed out some more noise.
The chart above is the S&P500 as priced in gold. The lines are the 50 and 200 Simple Moving Average. I really like this view, but it must be read with a grain of salt. If the S&P 500 goes up in USD, the chart goes up. If Gold goes up in USD the chart goes down. I view this as a "confidence" chart, where more confidence in the economy makes the chart go up (less flocking to gold, more belief in future revenue of companies on the index).
Right now we are teasing the 200 SMA support, so if it really will be a support or will herald a bigger down turn is yet to be seen.
Submitted January 14, 2019 at 10:09AM by Filmore http://bit.ly/2QOvxTV
