SPX is ST overbought; correlates well with VIX hitting trend line…
vix
Was today’s move in GDX a corrective move within a larger scale downtrend?
Frankly, as much I want to believe we hit our “bottom” which was targeted several weeks ago;
I am not convinced of the turn until the 13/34 EMA BULL crosses…This is how I define the trend…
GDX back tested the 50% fib…
The TRIX BEAR crossed today; MACD yesterday…
Note the RSI 5 hitting the trend line denoted by the black arrow; this has to breach for the bulls…
RSI 5 trend lines are extremely helpful in trading and are an early, if not the first indicator, helpful in determining a change in trend…
Finally, the slope 20, which cuts through the “noise” needs to head back up for the bulls…
EOD, I went flat…As always, with every chart, both a bull and bear case exist…
gdx
Also, the move today on the 2 hour charts of GDX and SILJ appear to be a perfect bear flag…