SPX Monitoring purposes; Long SPX on 10/22/18 at 2755.88. Monitoring purposes GOLD: Sold 11/27/18 at 18.88=gain .075%; Long GDX at 18.72 on 8/17/18 Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78
The top window is the Bullish Percent Index for the Gold Miners index, which has been moving higher for several weeks and produced a bullish sign. GDX is running into the trend line connecting the lows going back to early 2017, which is resistance. If GDX can get through this resistance, that would be a game changer and would suggests a bottom is in, but we are not sure that will happen. There is a cycle low due in January or February, but there is now evidence that the cycle low may come in the January 22 timeframe of 2019, which would imply there is a minor high due soon. The last COT report showed that Gold commercials moved to a 77K short position and above the 50K, which is in the neutral to bearish category for them. We are watching carefully what this chart does next - either a bull run is starting or a short-term top is near. Our thinking at the moment is still a pullback first before the real bull run begins. We sold our long GDX position (11/27/18) at 18.88 for a .075% gain; Long GDX at 18.72 on 8/17/18. We will wait for the next bullish setup.
Market Data 
Markets 
AI
