Just for perspective, a few (mostly daily) inter-market chart views…
GDX/SPY firm uptrend, but over bought.
GDX/GLD firm uptrend, but over bought.
SLV/GLD stair stepping uptrend, over bought.
SIL/GDX; this one warrants a weekly chart as that his where the key element is. SIL has finally made a higher high vs. GDX, firming the view of silver vs. gold, which in turn firms our view on inflation. See?
EEM/SPY is constructive.
INDY/SPY has up trended since bottoming in February. India was one item I held firmly through the Brexit theatrics due to the Bombay Sensex 30’s bullish posture on long-term charts (updated each week in NFTRH).
Finally, GCC/SPY needs to turn up now to keep an inflationary view comfortably in focus. Sure, the stock market can go up in an inflation, but commodities should go up better.
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