• SPX Monitoring purposes; Long SPX on 6/18/20 at 3115.34.
• Monitoring purposes GOLD: Sold GDX on 6/11/20 at 32.83=gain; long GDX on 6/8/20 at 32.79.
• Long Term Trend SPX monitor purposes; Short SPX 5/13/20 at 2820.

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This chart shows the times when the NYSE McClellan Summation index reached oversold levels below -500 and than rallied to +1000 level. This strong surge of +1500 points in the McClellan Summation index has been a bullish longer-term sign. The light blue area show when these parameters where met (including the current one from the March low).There can be a 50% retracement in the market but it's unlikely the March 23 low will be tested. July (third weakest month of the year) is one of the weaker months of the year and if there is going to be a 50% retracement, July could be a candidate. For very short term the June 8 high could be tested. Long the SPX 6/18/20 at 3115.34. 

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Near the June 8 high the Stocks above 50-day average hit above 90% and 10-day average 2/1 breadth thrust where triggered. This combination never came at the final high. The market can consolidate short term but should see another rally that may break to a new high in the coming months.

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It is common around the July 4 holiday that markets tend to reverse. If a market rallies into the July 4 holiday then that period may mark a short term high and if market declines into the period a low could form. We are thinking the July 4 period for GDX could be a low. GDX has been sideways to down over the last 30 days and this consolation may continue into the July 4 timeframe.  The middle window above is the GDX/GLD ratio.  We are watching closely the GDX/GLD ratio and comparing that to GDX. When GDX/GLD ratio is stronger than GDX than that condition is usually bullish for GDX and vice versa. Recently the rally in GDX has been stronger than the rally in GDX/GLD ratio and a bearish sign short term.   Looking for the next setup and watching for GDX/GLD ratio to outperform GDX to trigger the next setup.