Stock Market, Gold Early Week Pullback Expected
Stock Market: The 12 TD low came on Wednesday along with the TLC low near 2052. Next is due the 4/(8-1)/16 TD low on Tuesday this next week. Support is in the 2039/2046 SPX area. Friday the 14th was a solunar turn and new moon as well as the 4 TD top. I believe we are nearing a short term low and a rally (low 2100's SPX) is due into OPEX and even the day (August 24) after where we can expect lower prices again. The next TLC low is due August 31, so an August 24-31 drop is indicated.
Gold: The 16 TD low is due ideally late Monday August 18, 2105, but could come Tuesday with the expected stock market low. A drop of around $11 an ounce should cover the important gaps. We got out of NUGT on Wednesday for a nice profit and the last two trading days, gold pulled back strongly. We look to go long by Tuesday latest and another 5 trading rally is expected. NUGT could drop another 9-11% into the early week low. The trend is counter trend and "up" into October.
Next week, I will concentrate more on the expected Sept/Oct drop to my expected target into the low 1700's SPX and the continuing countertrend gold rally. Remember, we trade the markets, not the forecast.
The BluStar Market Timer was rated #1 in the world by Timer Trac in 2014 (and from April 1, 2014 through March 31, 2015), competing with over 600 market timers. This occurred despite what the author considered to be (and still considers to be) a very difficult trading environment.
The BluStar Market Timer also now offers auto-trading and timely signals trading the Direxion BULL/BEAR 3X ETF 's SPXL/SPXS and Precious Metals ETF's NUGT and DUST. Our signals are up over 71% since mid April 2015 as tracked by Collective 2.
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
To view the details more clearly, you may visit our free chart look at www.charts.blustarmarkettimer.com