How Will the Supreme Court's Tariff Decision Affect Stocks and Gold? | Credit: Hameem Sarwar
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Key Takeaways
The U.S. Supreme Court is debating whether Trump’s tariffs are legal.
The S&P 500 fell 5% but Gold rose above $4,000 once more.
Will this trend continue, or will the S&P move higher again?
The U.S. Supreme Court has begun oral arguments on the case regarding the legality of U.S. President Donald Trump’s tariffs. Polymarket shows that the odds of the Supreme Court ruling in favor of Trump have fallen to 18%.
The S&P 500 declined after the news, a move likely exacerbated by the ongoing government shutdown.
Meanwhile, Gold has surged and is recovering previous losses.
Taking that into account, let’s examine the charts and determine what lies ahead for the rest of the year, as well as whether the Supreme Court’s decision on tariffs can alter the course.
SP500 Shows Signs of Weakness
The S&P 500 has rallied since April 7, when Trump first announced a pause in his reciprocal tariffs.
After an initial surge, momentum slowed in June before resuming a gradual trend.
From that point on, the SPX has increased within an ascending parallel channel, a pattern that typically includes corrective movements.
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On Oct. 29, the SPX reached its all-time high price of $6,929 before falling. The decline risks taking it below the channel’s midline, which, if it happens, will be a strong bearish sign.
Even though the SPX price has previously bounced (green icons) once reaching the channel’s support trend line, a decline in the channel’s lower portion is still a cause for concern.
Additionally, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators created bearish divergences before the decline.
In conclusion, the SPX exhibits signs of weakening momentum within its ascending channel, suggesting a possible correction if it breaches the channel’s support.
Meanwhile, Gold has regained momentum, with indicators suggesting further gains.
If it clears the $4,020 resistance, a move toward $4,130–$4,190 seems likely.
However, the Supreme Court’s decision on tariffs could override price moves.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
