• SPX Monitoring purposes; Short SPX 8/2/17 at 2477.57. • Monitoring purposes Gold: Neutral • Long Term Trend monitor purposes: Neutral.
There are three things on this chart that are bearish for gold stocks short term. The bottom window is the GDXJ/GDX ratio (Small gold stocks compared to large gold stocks). A bullish outcome is expected for both small and large gold stocks when this ratio is rising. As you can see this ratio has been declining since late June. The middle window is the GDXJ/GLD ratio. When this ratio is rising than a bullish outcome is expected for both gold stocks and gold. Since it is declining a bearish sign is given. There is also a comparison of GDXJ/GLD ratio to GDXJ and for a bullish case one would like to see GDXJ/GLD ratio outperforming GDXJ; which is not occurring here. The monthly charts remain bullish but the daily charts suggest more consolidation work is needed. The COT report for July 7 came in at 107K Short (on bullish side of neutral), July 14 came in at 73K short and July 21 at 74K short; both of which are bullish; July 28 came in at 103K short (bullish side of neutral).
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