• 822 days Will The ECB Continue To Hike Rates?
  • 822 days Forbes: Aramco Remains Largest Company In The Middle East
  • 824 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,224 days Could Crypto Overtake Traditional Investment?
  • 1,229 days Americans Still Quitting Jobs At Record Pace
  • 1,230 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,234 days Is The Dollar Too Strong?
  • 1,234 days Big Tech Disappoints Investors on Earnings Calls
  • 1,235 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,236 days China Is Quietly Trying To Distance Itself From Russia
  • 1,237 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,241 days Crypto Investors Won Big In 2021
  • 1,241 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,242 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,244 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,244 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,248 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,249 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,249 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,251 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

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…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

SPX, GDX and GLD: All Ready to Rollover?

Last week, I was looking for a big drop for the gold complex into May 19. We got a huge drop, but not the drop I was looking for. It seems gold is working out a 25- week low while GDX is trying to run 21 weeks to its low. This would place the final washout somewhere near mid month in June.

The stock market looks as though it is about ready to roll over into mid-June also. I have a possible 1807 target for the S&P 500 by or around June 14-15 and GDX 17.68 by or around June 13-14.

The S&P 500 looks as though it wants to top somewhere around May 24th to 25th, while GDX and the gold complex could rise out of a May 25th low into a June 2 top and then rollover hard.

The three charts below explain my thinking:

GDX Daily Chart
Larger Image

SPX Daily Chart
Larger Image

GLD Daily Chart
Larger Image

 


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

 

Back to homepage

Leave a comment

Leave a comment