• SPX Monitoring purposes; Neutral. • Monitoring purposes Gold: Covered short 8/11/17 at 23.15; loss 4.28; Short GDX @ 22.20 on 8/7/17 • Long Term Trend monitor purposes: Neutral.
Yesterday we said, “Second window up from the bottom is the 50 period moving average of the Up down Volume percent which is below “0” and has made lower lows as GDX made higher lows and a bearish sign for GDX. Next window up is the 50 period moving average of the Advance/Decline percent which is also below “0” and also has made lower lows as GDX made higher lows and a bearish sign. The pattern forming on GDX appears to a “Triangle” pattern which normally breaks in the direction that preceded it and gives a prediction for GDX a bullish resolution. The Up down Volume % and Advance/Decline % have gave good signals in the past and but recently there have been two failed signals. The failed signals can warn that there is a character change in the market (“character change” happens as a new trend is about to appear). Right now both the Up down volume and Advance/Decline indicators is showing bearish signs and if the bearish signals fail to materialize a bullish resolution could be forming and the next bullish phase in GDX is beginning.” If there is going to be a failure it should show it hand in the next several days.
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