Update on the Stock Market, Miners

By: Brad Gudgeon | Mon, Jun 13, 2016
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I had an alternate I posted a few weeks ago that suggested that the S&P 500 would fall to 1995/96 by June 17, then rally strongly into month's end. Today's market action suggests that the alternate is the likely choice going forward.

SPX Daily Chart
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The junior miners "GDXJ" made an irregular bottom three days after the initial bottom last three week cycle go round. This tells us that we likely see a larger throw down this time around below the last low. The whole pattern suggests a broadening top formation in play in GDXJ, GDX and also the SPX.

VanEck Vectors Junior Gold Miners Daily Chart
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VanEck Vectors Gold Miners Daily Chart
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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

 


 

Brad Gudgeon

Author: Brad Gudgeon

Brad Gudgeon
BluStar Market Timer
Blog
eaglesoveramerica.com

BluStar Market Timer Investment Philosophy: The stock market is currently in a technical Elliott Wave Bear Market Rally. It has been exhibiting A-B-C type waves instead of the normal 5 Waves since the market topped in 2000. According to "The Original Works of R.N. Elliott", we are due for a move down to about the S&P 500 442/443 area in the next few years. In my opinion, this is no longer a buy and hold market, but a traders' market. We mainly swing trade the market with funds and ETF's, but otherwise trade according to the market's disposition and to the traders' discretion. For the year 2014, BluStar Market Timer is rated #1 according to Timer Trac. http://www.blustarmarkettimer.info

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