• 8 hours Solving Transportation’s Biggest Problem
  • 11 hours Big Banks Could Win Big On Fed Small Business Bailout
  • 12 hours Trump Increases Pressure On Venezuela
  • 16 hours Researchers Create Organic Battery
  • 1 day Gold Is Still A Safe Haven, But Not Very Alluring
  • 2 days China Is Buying Up Billions Of Barrels Of Cheap Crude Oil
  • 2 days Are Gold Stocks Going To Bounce Back?
  • 3 days The Politics Of A Pandemic
  • 4 days What Does CHina’s EV Slowdown Mean For The Battery Metals Sector?
  • 4 days COVID Report Cards Will Brand Businesses Forever
  • 5 days Trump Tweet Sends Oil Soaring 25%
  • 5 days Why The Coronavirus Economic Crash Is Worse Than You Think
  • 6 days Is A Global Currency Necessary?
  • 6 days America Has Shed 500,000 Millionaires Since The Coronavirus Lockdown Began
  • 7 days Trump Wants Another $2 Trillion Economic Intervention
  • 7 days The Surprising Businesses Deemed “Essential” During The Coronavirus Lockdown
  • 7 days Priceless Van Gogh "Spring Garden" Painting Stolen
  • 8 days Oil Falls To $20 For First Time In Nearly Two Decades
  • 8 days COVID-19 Could Be The End Of U.S. Coal
  • 8 days How Much Does Your Social Security Number Cost? $4 On The Dark Web
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Brad Gudgeon

Brad Gudgeon

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…

Contact Author

  1. Home
  2. Markets
  3. Other

Stock Market Dip Monday, Tuesday? Gold Topping

Last I wrote, I thought we might be breaking down out of a rising wedge pattern in the SPX. Apparently, many others thought the same thing, and you know what they say when too many agree. So many are thinking we go lower from here and that has me concerned. While I think we go lower over the next two days in the stock market (1957-62 SPX down about 3%) and I think that we are in the early stages of a bear market, the probabilities are we have one to two more weeks of general upside left before we top. My current upside targets are 2058-81 SPX.

I also thought gold and GDX had already topped, but my current readings suggest a very good possibility we see a new recovery high in GDX by FED day March 16 (I know the COT reveals the smart money is shorting gold and it may seem contrary, but I'm going out on a limb and suggesting more new recovery highs this week). We may also see new recovery highs in gold by Wednesday. I believe the FED language on the 16th will send the gold mining sector (and gold) down hard into the end of the month and even beyond.

For the rest of the year: by June 2016, I think we see SPX 1300 +/- and by October/November SPX 1010-11 is on my radar; I don't think this bear will be as bad as 2007-09, but I don't think it will be pleasant either; I also think gold could go down to as low as $667-778 by October; GDX could see prices below $8 when all is said and done.

SPX Daily Chart
Larger Image

SPX 2-Hour Chart
Larger Image

SPX Alternate Scenario Daily Chart
Larger Image

GDX Daily Chart
Larger Image

The above charts are projections and possible targets. As information flows, I adjust accordingly.

 


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