SPX Monitoring purposes: Neutral Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96. Long Term Trend SPX monitor purposes: Sold long SPX on 5/6/19 at 2932.61= gain 5.96%.
We showed this chart in the past, which is the daily Bullish Percent index for the Gold Miners index. The Bullish Percent index measures the percent of stocks that are on Point & Figure buy signals. It has been a reliable buy signal when the RSI for the Bullish Percent Index falls below 10% (current reading is 3.32%). Going back to 2009, the RSI for the Bullish Percent index fell below 10% eight times (marked with blue horizontal lines) and seven marked intermediate-term lows for an 87.5% success rate. The one failure came in 2013 on a steep GDX decline. We went back and marked with blue circles the times when a bullish crossover for the monthly 5, 9, 11 moving average occurred on GDX (which one was triggered in January 2019). There was a bearish crossover on the monthly 5, 9, 11 moving average in 2013 right before the RSI hit below 10% on the daily Bullish Percent Index. Since the monthly rule the weekly and daily charts, one would have not took the daily RSI setup in 2013. Our point is that the monthly 5, 9, 11 moving average gave a bullish crossover in January 2019 and we don’t expect a failure here on the daily RSI below 10% on the Bullish Percent Index bullish setup. Long GDX on 1/29/19 at 21.97.
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