Endgame or New Beginning? Beta vs. Gold Resistance Since the S&P 500 (SPX) reached 1.86 in gold ounces in 2015, that level has acted as a key pivot and could mark the 2026 high. In 2025, the rock reasserted its relevance by surging at its greatest velocity ever in a disinflationary environment, then paused near 1.86 SPX/gold. Was it a warning or just a feint? My bias leans to the former, and the chart highlights a top leading indicator tilting that way -- Bitcoin. At 1.78 on Aug. 14, SPX/gold has retreated from 2026's 1.86 high on the weekly charts. That level looks like prime resistance to further advancement in risk assets. Bitcoin led the US stock market on the way up from its inception in 2009, but amid unchecked crypto-competitor supply and the highest year-end US Treasury 30-year yields since 2001, a rollover in SPX/gold could signal a risk-assets endgame. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tjnftarkv2ti {BI COMD} #crudeoil #naturalgas #energy #futures @Bloomberg(Mike McGlone)