SPX Monitoring purposes: Long SPX 5/31/19 at 2752.06. 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%
Above is the weekly GDX chart going back to mid 2016. The second window up from the bottom is the weekly GLD (ETF for Gold). The Bollinger band started to “pinch” in May, suggesting a large move was not far off. It appears now that the “large move” is beginning. On yesterday’s report, we said that Gold (GLD) may get stronger as the neckline of a head-and-shoulders bottom needs a “SOS” (sign of strength) through this level to confirm the head-and-shoulders bottom. If Gold gets stronger, then GDX should be even stronger as gold stocks outperforms Gold in bullish trends and the reason why GDX/GLD ratio rises in bull trends. GDX held near 20.50 support, which was the 2017 lows. GDX may now rally to the top of the 2017 trading range, which is near 25.00. Ideally, we would like to see the 25.00 range broken and continue higher, which is possible. In general, we expect the current rally to continue into the September-October timeframe. Long GDX on 1/29/19 at 21.97.
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