Gold Miners ETF (GDX)

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By Tim Ord | July 11, 2017

Today The VIX Closed Lower And The SPY Closed Lower

• SPX Monitoring purposes; Covered short on 7/6 at 2409.75=gain 1.2%; Short SPX 6/26/17 at 2439.07
• Monitoring purposes Gold: Neutral
• Long Term Trend monitor purposes: Neutral



Second window up from bottom is the Up down Volume percent which is “0” and bearish. Next window up is the Advance/Decline Percent which is also below “0” and bearish. The GDX/GLD ratio is outperforming GDX and a bullish sign. The larger pattern forming on GDX could be a “Flat bottom Triangle” which normally breaks to the downside and a bearish sign on the bigger timeframe. Today’s rally ran into the previous low of Mid June and a resistance area. The top window is the RSI for GDX. In up trending markets the RSI stays above 50 and down trending market stays below 50 and today’s reading is 44.08. We are back on the sidelines until the picture becomes clearer for the short term. The monthly Chart remains bullish for GDX and GLD.

http://www.talkmarkets.com/content/us-markets/today-the-vix-closed-lower-and-the-spy-closed-lower?post=141729

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