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 Gold Commercials jumped to 93K short, which is on the high side and a bearish short term sign. The GDX weekly is running into the trend line connecting the lows going back to early 2017 and a stiff resistance level. Some of the money in the general stock market may find its way into other markets such as the gold market. Notice that the general market has been declining since September and the gold market (GDX) has been rallying. GDX reached a weekly trend line resistance and the Gold Commercials reached a high level of shorts, suggesting that further gains may be giving back short-term. The next intermediate up-move may begin in early 2019. The ideal time for a gold and gold stock bottom is January 22, 2019. Not sure if the pullback will test the September low, but it could. We will wait for the next bullish setup.
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