Today's Moves - Market Analysis for Jul 27th, 2018

Jul 27, 2018 - 12:46 PM EDT

Today's breakout or breakdown mood pattern (with downside bias) is playing out well so far in the stock market, but gold is not too impressively bullish as of yet. Gold did briefly dip below the critical 1220 GC Q level, but it appears to have been a successful test of support, so the immediate bullish scenario is still in play.

The weekend MMI (Monday open) is pointing down for SPX with a government associated instability or geopolitical concerns pattern. There is no data for Monday yet.

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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