Market Update

By: Brad Gudgeon | Wed, Nov 30, 2016
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Below are charts of the SPX and GDX. I expect a move down into Friday for both. The Russell 2000 is not making new highs here and that is a problem. My indicators are stretched and negatively diverging with a possible double top on the SPX.

S&P500 Daily Chart
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S&P500 Hourly Chart
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GDX Daily Chart
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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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