SPX Monitoring purposes; Neutral. 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
Above is a short term view for GDX. The bottom window is the Up/Down Volume Percent with a 7-period moving average, which, when above “0,” is a bullish condition for GDX and, when below, a bearish condition. This indicator has been below “0” since January 10. The next window up is the Advance-Decline Percent with a 7-period moving average, where readings below “0” are bearish (current reading is -34.39). The next window up is the GDX/GLD ratio. It’s a bullish sign for gold and gold stocks when this ratio is outperforming GDX. The GDX/GLD ratio closed below its December 19 low and GDX held above, showing that the GDX/GLD ratio is weaker than GDX - a bearish sign for both gold and Gold stocks short term. There are cycles for a low due from late January to early March; we are entering this cycle low now. This potential pullback could lead to a longer bullish setup. We will wait for the next bullish setup.
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