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Key points:
S&P 500 uptrend intact with no clear distribution, potential technical target near 7500 S&P/ASX 200 (ASX:XJO) showing a “diamond top” and heightened volatility around key resistance Gold producers including Genesis Minerals (ASX:GMD) and Emerald Resources (ASX:EMR) seen as breaking out on strong volume
Gary Glover from Novus Capital states US equities remain technically strong despite recent volatility. He points to the S&P 500 trading at the top of a multi‑year trend band, yet showing no “distribution days” or heavy-volume sell-offs. In Glover’s view, the Covid-era trading range projects an upside target near 7500 on the index, with the Dow Jones also breaking above long-term resistance, which he regards as characteristic of a late-stage bull leg rather than an imminent top.
Locally, Glover sees the S&P/ASX 200 (ASX:XJO) forming a rare “diamond top” pattern around 9278, suggesting elevated volatility rather than a clean trend. He notes choppy price action across sectors, with higher lows but limited momentum, and argues any breakout above resistance could still carry significantly higher, though with ongoing swings.
Glover is most constructive on gold and uranium. He cites tight consolidations and volume-backed breakouts in names such as Genesis Minerals (ASX:GMD) and Emerald Resources (ASX:EMR), describing pullbacks on light volume as a sign of healthy uptrends. In uranium, he highlights NextGen Energy and Paladin Energy (ASX:PDN) as early in potential reversals above key swing highs. Glover also flags AGL Energy (ASX:AGL) as showing a possible major technical pivot after a strong earnings reaction.
