Skip to main content

More Downside For S&P and Gold | Mark Newton and Jimmy Connor

Jimmy Connor Mar 24, 2026 40:41

Summary

Technical strategist Mark Newton expects an S&P 500 slide toward 6,200 — a 38% retracement of the move off last April's low — before a mid-April-to-mid-May bottom.

Gold's three-year rally looks exhausted — the monthly RSI (a 0-100 momentum gauge) hit about 95 — and he sees 3,800 or lower into summer.

Slowing central bank gold buying and ETF outflows confirm a peak; he would buy metals on summer weakness, favoring July-October seasonality.

Bitcoin likely makes one more leg down toward $52,000-$50,000; a break under $65,000 would signal the capitulation that marks durable lows.

Energy stocks lagging crude oil warns the war-driven rally is late; he would short crude at $110-$115 and expects lower Q4 prices.

Mark Newton's takeaways

  • Top takeaway Newton argues the S&P 500 sell-off has begun, seeing risk down to about 6,200 from around 6,600 as of the recording and a meaningful bottom in mid-April to mid-May, while keeping his year-end S&P target at 7,300.
  • He expects technology and semiconductors to stay relatively weak until around October as momentum rolls over, calling July-October a better buying window for the high flyers.
  • On gold he sees a short-term peak in place with downside under $3,800 (potentially $3,500-3,750 by summer) as the attractive buying zone, while keeping an intermediate-term target of $6,800-7,000 into mid-2027.
  • He expects one more Bitcoin leg down toward $52,000, with a break under $65,000 opening a quick move to about $50,000 and possible yearly lows in April or mid-May, after which it becomes a decent buy-and-hold.
  • He expects yields to peak within about a month (TLT attractive at 83-85) and the DXY to top out near 102-103 before rolling over, favoring diversification outside US tech into commodities and non-US markets.

Michael Saylor's takeaways

  • Top takeaway The host speculates that Michael Saylor's average bitcoin purchase price is around $70,000, so a Bitcoin slide toward $50,000 would leave him and other Bitcoin treasury companies under water.

Jimmy Connor's takeaways

  • Top takeaway As host, Connor frames the episode around a month of extreme volatility in which Middle East tensions overshadowed AI and private-credit worries, and presses Newton for downside targets on every major asset.
  • He closes by summarizing Newton's key calls, including S&P toward 6,200, gold toward 3,800, Bitcoin toward $50,000, and meaningfully lower oil in the second half of 2026.