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Wednesday, May 24, 2017 8:09:14 AM
By Tim Ord | May 23, 2017
• SPX Monitoring purposes; Sold long SPX 5/23/17 at 2398.42 = +1.76%; Long SPX 5/17/17 at 2357.03.
• Monitoring purposes Gold: Short GDX on 5/22/17 at 23.20.
• Long Term Trend monitor purposes: Neutral.
Above is the weekly chart of GDX. Bottom window is the weekly GDXGLD ratio. GDX/GLD ratio leads the way for GDX. The weekly GDX/GLD ratio retraced near 90% of the rally form the December low, where GDX just retraced 61.8% showing that GDX/GLD ratio is weaker than GDX. This condition suggests for GDX to catch up to GDX/GLD ratio, GDX must fall. The second window from the top is the weekly RSI for GDX. RSI >50 is bullish for GDX and < 50 bearish. In general the weekly RSI has been below 50 since February and remains bearish. Notice that the weekly Slow Stochastics is also below 50 and in bearish territory. Short GDX on 5/22/17 at 23.20.
http://www.talkmarkets.com/content/us-markets/gdxgld-ratio-leads-the-way-for-gdx?post=136269
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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