Both Gold and Japanese Yen look close to beginning large rally 

Near-term and intermediate-term technical trends remain bullish for US Equities, but it’s thought that the rally in US Stocks likely will face some meaningful resistance at marginally higher levels, which might begin sometime next week before August 20th. SPX has now officially joined QQQ at new all-time highs and might scale up to 6550 before making some kind of peak near resistance.   Equal-weighted SPX and DJIA have not yet hit new all-time highs, but look poised to challenge these levels into next week. Overall, despite some of the minor concerns regarding Elliott-wave patterns nearing completion, seasonal/cyclical periods of weakness approaching and waning breadth, it’s going to be necessary to see evidence of US Equity index prices turning down in a manner that would help to add conviction to these concerns. Overall, while it’s proper not to grow too complacent in August, it’s also proper to let this rally run its course until the market demonstrates evidence of starting to weaken.  For now, it still appears that the path of least resistance remains higher.

Technically speaking, Thursday’s fractional weakness proved short-lived and failed to do any technical damage. 

I expect both $SPX and $QQQ to likely advance into next week, and there stands a chance that both $DJIA and Equal-weighted $SPX could also move back to new all-time highs.

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