SPX And GDX Updates
A sideways bear flag seems to be working itself into a top as late Friday/early Monday on the SPX (late Friday for GDX). Choppy action indicated ahead with a strong rally possible on OPEX Sep 16 (Mars trine Uranus Sep 17) after a new low early Friday (based on the 4 TD cycle). This is my current weather forecast for the stock market as well as the gold miners.
Overall, this is pointing to more down side into Thursday next week (Sep 22) where the next 8 TD low is located. This is extremely late for a ten week low and may be signaling a market that is rolling over, I’m not sure. While the e-wave normal count suggests otherwise and the 115 TD top due Oct 3rd gives me pause to think otherwise, I cannot ignore the recent action. This only serves to keep me on my toes, not wishing to get married too long to any side at this juncture.
A late year drop is coming, no doubt in my mind. The big question is: do we make new highs in early October first? Stay tuned.
We are adding auto-trading with Global Auto Trading this week. We also added two new trade alerts: Volatility with UVXY and SVXY, and Options Trading that trades SPY, GDX and UVXY/SVXY puts and calls. We are also adding webinar training for those new to trading.
Also coming soon are FREE webinars explaining the benefits of joining our group followed by a week’s worth of tire kickin’ to try out the service. Check out our September 2016 trades so far (picked up a nice one with NUGT this week for +5.5%). Get ready, big moves a comin’ soon! Sign up for our free e-mail updates at blustarmarkettimer.info
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
Copyright 2016 BluStar Market Timer