Tuesday, October 3, 2017
A quick market comment....
SPY is RSI=74, +2SD. IWM is >2SD, RSI=85. QQQ, however, is not overbought.
GLD is -2SD, RSI=36. SLV is about -1.8SD, RSI=35. GDX is ~-1.5SD, RSI=42. Gold and the miners are at a thick band of price, so they should have support here. Copper is failing to break down below its SMA(50). GDX is supported at its weekly SMA(50).
Would you go short S&P, long gold miners right here?