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Stock Market Down Monday?

The SPX could take a plunge Monday, but the set up is there for a nice rebound into October 14th. I think we finally get my False Break of the Rising Wedge and the rebound that takes us above 2200 SPX. October 14th should be the high for the year.

GDX and the gold complex are due for a nice rebound rally, but much damage has been done. A move back into the mid 26.00 area for GDX is the minimum expectation for an October 18 top. It may take a couple of more days to get kick started as the buyers are hesitant and selling into rallies. There is also a solid green candle on the daily chart that bothers me in the very short term.

Any selling in the stock market on a gap down Monday, with a concurrent gap up in the gold futures, will likely be a drag on the PM's into Tuesday.

We are setting up for a nice post election sell-off:

SPX Daily Chart
Larger Image

GDX Daily Chart
Larger Image

 


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Another thing I wish to mention: please don't trade this or any other forecast verbatim without getting proper updates from the author. Tracking the stock market is much like tracking the weather: you need to have regular updates. Things can and do change. With the changes, come strategy changes.

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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