NFTRH+; an Important Distinction w/ the Gold Miners

I have been noting that the HUI/SPX ratio can lose the SMA 200 and still be okay as long as it makes a higher low to June, a loss of which would raise concern. That is still the case, but…

I was looking at both of these charts side by side and it occurred to me that on this second, bigger picture chart I’d inserted the green arrow (lower high) at the March low. When we updated the chart above earlier I had a thought like ‘hmm, maybe the March low is the key for a higher low’. But seeing this chart affirms that to me.

Not making any predictions, but there is a chance that the HUI/SPX ratio could really get hammered before the next higher low is registered. Just an FYI from a man who stares at charts (maybe a little too much!). :-)