Userx started moving towards its 16-20 sell signal and possibly 35-39 buy signal. A small weakness at the beginning of this week could setup a double buy signal. Any serious and prolonged weakness would now threaten selling the 92-96 bull.
Most of the other gold indices look similar to USERX:
GDX
GLD
HUI
SLV
SandP 500
S and P definitely looks like it wants to break out. If it does it still wouldn't be out of the woods because the double sell scenario will be active till December. I am thinking, if this is a start of a new bull leg for gold then this SandP breakout would make sense only if gold and SandP will rise in tandem.
UUP
UUP is in a weakness phase. To get back to strength needs a 35-39 buy.
TLT
TLT is on a double sell and it seems like it wants to test the 92-96 index. Maybe a phase has begun where gold and SandP will go in tandem, opposite to UUP and TLT.
Transport
Transport index continues its breakout rally trying to close on the all time high. If successful it would confirm a new bull phase for Dow Jones.
UCO - Bloomberg crude oil
As another context chart for the SandP lets look at the UCO, crude oil. The setup on this chart is as potent as the SKI indices can get. It has just generated a new true bull signal. Also, it is ready to generate 35-39 and 218-222 on Monday or Tuesday. If these signals turn out correct the only explanation I would have is that we are finally entering the inflation phase where commodities and SandP will rally, while dollar and bonds will struggle.
XGD Australia
Australian goldies have reached the 92-96 and they need a strong week to avoid the 92-96 sell signal. If they don't the signal might mark the bottom.
I am long, didn't touch my core and do not intend to, for now.
Good luck to everyone,
Branko
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