After two hours of trading, let’s notice the location of each market — spot gold, Emini S&P 500, and EUR/USD– since yesterday’s comments by the ECB’s Draghi and in relation to Draghi’s initial, very bullish comments from July 26.

Spot Gold has reversed from $30 above to $12 below July 26. The e-SPU has reversed from 60 points above to 30 points above

July 26, and EUR/USD has reversed from 2 big figures (200 basis points) above to 1 big fig below July 26.

Obviously, the glaring divergence is in the e-SPU, which must or could decline to the 1326 area to retrace the entire Draghi advance, which would put that index more in line with Gold and EUR/USD.