• 14 hours Holiday Spending Already Soaring Amid Pandemic
  • 2 days Another Stock Market Crash Could be Looming
  • 3 days Trump Loses Another Leg Of The WeChat Battle
  • 4 days DOW Plunges Amid WInter COVID-19 Surge Fears
  • 4 days Big Profits Are No Longer The Top Priority For Oil Investors
  • 5 days Banksy’s Littered ‘Monet’ Sells for $10M
  • 7 days Three Renewable Energy IPOs To Watch
  • 8 days Bitcoin Nears $13,000 As PayPal Joins The Crypto Fray
  • 9 days DOJ Declares The Obvious: Google Is A “Monopoly”
  • 11 days Alibaba Is About To Make History Again
  • 12 days Robinhood Users Are Latest Target Of Pandemic Hackers
  • 14 days The Hydrogen Boom Will Provide A $200B Boost To Wind And Solar Energy
  • 15 days Will The 5G Rollout Overshadow This Major Merger?
  • 16 days Corporate Bitcoin Holdings Boost Crypto Confidence
  • 16 days Indonesia Rolls Out Augmented Reality Innovation To Combat COVID
  • 17 days Banks Are Getting Rich On Pandemic Overdrafts
  • 17 days The Real Reason China Is Betting Big On Renewables
  • 18 days Europe Wants To End The Big Tech Monopoly
  • 18 days New Breakthrough Could Transform Rare Earth Mining
  • 19 days Waymo Set To Roll Out Fully Self-Driving Vehicles
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

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…

  1. Home
  2. Markets
  3. Other

Miners, Gold, Silver Near Top

Originally posted July 4, 2016 at 7:06 PM.

Stock Market Could Go Either Way

The precious metals complex looks toppy here and a pull back is warranted into the end of July (see chart below for added information).

The stock market is in a critical zone. The 4 TD low is overdue by 1 TD and the 8 TD low is due on July 8th. The 16 TD low is due on July 11. The bullish scenario sees a move back to near 2082 SPX on July 5th a rally to 2126 on July 6th and then a pull back to 2070 by July 8th. BUT, IF July 8th holds near the July 5th lows and cracks through it on July 11 to near 1980 SPX, all bets are off for the upside. Either way, we should see an important top on July 6th.

Right now, the chart read looks like a bullish one to me with a target of 2288/89 by September 2. I would be willing to change my mind IF Mr. Market does not do as I expect and the alternate scenario comes in to play (chart below).

GDX Daily Chart
Larger Image

SPX 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