• 12 hours Tech Billionaire Takes Aim At Google
  • 14 hours Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 17 hours Expect A Pullback Before Gold's Next Major Rally
  • 19 hours Why Interest On Gold Matters
  • 1 day Ten Extravagant Food Items For The Wealthy Only
  • 2 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 2 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 3 days Is A Gold Selloff Looming?
  • 4 days Central Banks Are Stashing Gold And Dumping Treasuries
  • 4 days Three Cannabis Trends Flying Under Investors’ Radars
  • 4 days $1.3 Billion In Cocaine Found On JPMorgan Vessel
  • 5 days Amazon Teams Up With Lady Gaga To Win Over Generation Z
  • 5 days Dollar Falls As Powell Teases Rate Cuts
  • 5 days Will The World's First Trillion Dollar Company Ever Bounce Back?
  • 5 days Many Americans Will Never Stop Working
  • 6 days Mozilla vs DarkMatter: The Cyber Espionage End Game
  • 6 days Chile Cracks Down On Environmental Infractions
  • 6 days Warning Signs Emerge For Boeing
  • 6 days First Amendment Stands Strong In Trump vs. Twitter Showdown
  • 7 days Musk Bullish On Tesla Despite Executive Exodus
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Stock Market Bottoming, But Bear Still Growling

Indications suggest a stock market which is currently oversold and bottoming short term, but still has a long way to go to finish this bear. In fact, I believe we could see the SPX fall as low as the 940-950 area by October of this year as we enter the final innings of the crash phase of the 8 year commodity cycle. Gold and especially the gold miners are struggling even though we are showing positive COT figures.

The charts below show the SPX and GDX and where I believe we may go in the short term:

S&P500 Index 4-Hour Chart
Larger Image

Market Vectors Gold Miners 60-Minute Chart
Larger Image

Last week saw a series of 3 astro-trines that saw the stock market rally only to sell-off again in a choppy week. GDX has pretty much seen the same kind of action. Another trine is due tonight, so any positive action may again see some selling. Mercury (retrograde) is also translating the Uranus/Pluto square this week between January 20-22, so we could see an attempt to rally into mid week, only to sell-off again into late week. Overall, it looks to me that we attempt a rally into and around the FED meeting. Whether we make it to 2021/25 SPX this go round is unknown. Eventually, over the next 2 months, I think we may. In any case, 1960 SPX looks attainable this month.

We are in the area of the 100 trading day low and potentially may see sideways action throughout the February/March period (a bear flag) before falling hard again into June where the next 100 TD low is forecast to nest.

 


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

BluStar Market Timer offers auto-trading for those who don't have the time or inclination to trade their own accounts.

 

Back to homepage

Leave a comment

Leave a comment