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Buying the Dip on the S&P 500

|Includes:SPDR S&P 500 Trust ETF (SPY)

 Today's Non-Farm Payrolls number is causing a bit of a stir in the markets, sending gold past $1400 and USDX below 80 at the time of this writing. 

As my friend Tek noted, today might be a volatile day -- for many traders it may be worth sitting out until the dust settles.

In the big picture, though, a big move on today's daily candle could create some worthwhile opportunities. Though I've flip flopped more than a politician on the issue, I'm now in the equities bull camp, and think gold and stocks will rally together to reach all-time highs (and InformedPoints, of course ). 

Below is a weekly chart of the S&P 500. We're coming up on the third test of the 61.8% Fibonacci level of the big move down from the highs of the US housing bubble to the March 2009 lows. An upper price channel since March of 2009 is also still intact. 





A similar story can be found in the FTSE 100, which has already broken past the 61.8% Fibonacci level, and seems to be using that level as a support point of sorts. 




Feel free to share your thoughts on equities indices in the comments below.

Disclosure: Long gold.

Stocks: SPY