Gold & GLD Gold did breakout above its triple top and is moving up toward $3,000 later this year. Meanwhile, GLD is sporting a similar breakout, heading toward $250. Gold GLD GLD Sep 20th Calls Pro Service (July 16th) Premium Service (June 18th) Stock Market QQQ 120 Minute Best bet for adding puts will be for close below the shaded Fibonacci retracement zone; < 472. Next leg down should be massive, maybe coinciding with a rough geopolitical weekend*. A breakout above the zone, > 485, would work to place the bearish set-up on hold, for now. QQQ Sep Puts ----- SPY Daily As with QQQ, a close below the shaded Fib zone would likely be the kick-off to the next leg down; < 548. There are also two key levels just below that zone highlighted on the chart, each one would denote a break and further strengthen the bearish case. SPY Sep Puts If SPY closes below that trend channel (around 540) look for a deep dive to 500 over the ensuing days-to-weeks, similar to QQQ dropping to below 400. Note that from its all time high on July 16th @ 565, SPY quickly fell 30 points to its low on July 25th @ 537. The next leg down could drop twice as far in half the time. If so, the SPY Sep $520P is up 5X to 10X from current levels. *The first stage of the market reaction to geopolitics like this is risk off.
