GOLDBUGS AMEX Goldbugs Index (GOLD)

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The Ord Oracle
By: Tim Ord | February 28, 2018

• SPX Monitoring purposes; Sold long SPX on 2/26/18 at 2779.60= gain 2.33%; long 2/20/18 at 2716.26.
• Monitoring purposes Gold: Neutral.
• Long-Term Trend SPX monitor purposes: Long SPX on 2/8/18 at 2581.00.



Over the last couple of weeks, the GDX/GLD ratio has modestly outperformed GDX and suggests that GDX may bounce short-term. GDX gaped down yesterday and left an open gap near 22.00 range and most open gaps get filled short-term and could be an upside target.

We do have a longer-term target down to 18.50 range that could be seen in March. Therefore, if the market does bounce to gap level and gap is tested on lighter volume, with GDX/GLD ratio showing relative weakness compared to GDX, it could setup a bearish signal. A “Selling Climax” occurred on February 9 ( near 21.00) and at some point will be tested and if that does hold then 18.50 range would be the next downside target.

http://www.talkmarkets.com/content/us-markets/spy-a-bounce-is-coming?post=167762

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