SPX (S & P 500) Is Probably Still In A Major Intermediate Term Downcycle
SPX (S & P 500) is probably still in a Wave A major intermediate term downcycle (since 10-11-07), see http://stockcharts.com/charts/gallery.html?%24spx. The Walmart (WMT) Lead Indicator was only slightly bullish today, at +0.07% versus SPX on 7-3, and, Walmart's candle is somewhat bearish today (black (close below the open) with a bearish medium spike), see http://stockcharts.com/charts/gallery.html?wmt.
The Walmart (WMT) Lead Indicator was a slightly bullish +0.07% versus SPX today 7-3, and, has turned very bullish short term (was +0.89% on 7-2, was +1.10% on 7-1, -0.31% on 6-30, -0.56% on 6-27, +0.72% on 6-26, +0.82% on 6-25, +1.48% on 6-24, +0.67% on 6-23). The more important/longer the cycle is that's bottoming or peaking the longer the lag time tends to be before the indication kicks in, in this case strength.
GDX and GLD made large bearish breakaway type gaps down at today 7-3's open, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=on&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, so, they will probably make lower cycle lows on Monday, which jives with today 7-3's bearish NEM Lead Indicator, at -0.80% versus the XAU.
On Tuesday 7-1 GDX/GLD/HUI/XAU entered Wave C of the Wave A major intermediate term downcycle since mid March, see http://stockcharts.com/charts/gallery.html?gdx, peaking in rollover mode versus May's cycle high.
The NEM Lead Indicator is extremely bearish short term, at -0.80% versus the XAU on 7-3, -0.82% on 7-2, +1.15% on 7-1, -1.38% on 6-30, -2.45% on 6-27, -0.95% on 6-26, -0.08% on 6-25.
For all additional info, see http://tradethecycles.blogspot.com/2008/07/spx-s-p-500-probably-didnt-put-in.html.
.......http://wwwJoeFRocks.com/
NEM XAU HUI
The Walmart (WMT) Lead Indicator was a slightly bullish +0.07% versus SPX today 7-3, and, has turned very bullish short term (was +0.89% on 7-2, was +1.10% on 7-1, -0.31% on 6-30, -0.56% on 6-27, +0.72% on 6-26, +0.82% on 6-25, +1.48% on 6-24, +0.67% on 6-23). The more important/longer the cycle is that's bottoming or peaking the longer the lag time tends to be before the indication kicks in, in this case strength.
GDX and GLD made large bearish breakaway type gaps down at today 7-3's open, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=on&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, so, they will probably make lower cycle lows on Monday, which jives with today 7-3's bearish NEM Lead Indicator, at -0.80% versus the XAU.
On Tuesday 7-1 GDX/GLD/HUI/XAU entered Wave C of the Wave A major intermediate term downcycle since mid March, see http://stockcharts.com/charts/gallery.html?gdx, peaking in rollover mode versus May's cycle high.
The NEM Lead Indicator is extremely bearish short term, at -0.80% versus the XAU on 7-3, -0.82% on 7-2, +1.15% on 7-1, -1.38% on 6-30, -2.45% on 6-27, -0.95% on 6-26, -0.08% on 6-25.
For all additional info, see http://tradethecycles.blogspot.com/2008/07/spx-s-p-500-probably-didnt-put-in.html.
.......http://wwwJoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
10:41 AM
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