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Update on the Stock Market, Miners

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

 

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