• 10 hours Solving Transportation’s Biggest Problem
  • 13 hours Big Banks Could Win Big On Fed Small Business Bailout
  • 14 hours Trump Increases Pressure On Venezuela
  • 18 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
  • 8 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

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