S&P500, GDX And GLD: All Ready To Rollover?
Last week I was looking for a big drop for the gold complex into May 19. We got a huge drop, but not the drop I was looking for. It seems gold is working out a 25-week low, while GDX is trying to run 21 weeks to its low. This would place the final washout somewhere near mid-month in June.
The stock market looks as though it is about ready to roll over into mid-June also. I have a possible 1807 target for the S&P500 by or around June 14-15 and GDX 17.68 by or around June 13-14.
The S&P500 looks as though it wants to top somewhere around May 24th to 25th, while GDX and the gold complex could rise out of a May 25th low into a June 2 top and then rollover hard.
The three charts below explain my thinking:
Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info
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