Exchange traded funds that invest in U.S. stocks and gold are trying to resume their uptrends following a correction earlier this month.

“Major equity indexes have broken above their Aug. 17 highs. These upside breakouts must now hold into the end of the week,” said Tarquin Coe, technical analyst at Investors Intelligence.

“If they do, then it would postpone the chances of an immediate breakdown to the lows of last summer,” he wrote in a newsletter Wednesday. “The medium-term trend remains down but the counter trend correction grinds on.”

SPDR S&P 500 ETF (NYSEArca: SPY) saw its earlier gains vanish Wednesday due to an afternoon sell-off.

“In opposite action to equities, gold is in a medium-term uptrend and is currently in a shallow correction of that,” Coe wrote. “Momentum for SPDR Gold Shares (NYSEArca: GLD) is only just above neutral so the current pause for breath has slackened the elastic somewhat.”

Gold ETFs were among the top performers in August. [Gold ETFs Rally]

Full disclosure: Tom Lydon’s clients own GLD and SPY.

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