Ratio/Indicator charts reflecting market internals

Live ratio charts using various ETFs to gauge internal market indications

Go ahead and adjust/mark ’em up as you please!

Gold/Silver Ratio (GLD/SLV): A “metallic credit spread” within the precious metals (theory: liquidity stress when rising, ample liquidity when declining).

Gold/SPX Ratio (GLD/SPY): A counter-cyclical metal vs. a cyclical market (theory: Macro liquidity and cyclical risk when rising, especially long-term)

Silver/SPX Ratio (SLV/SPY): More volatile, inflation-sensitive PM vs. the stock market (theory: I don’t really have one ;-))

Gold/Copper Ratio (GLD/CPER): A counter-cyclical metal vs. a very cyclical one (theory: monetary vs. industrial metal, counter-cyclical when rising, pro-cyclical when declining)

Gold/WTI Oil Ratio (GLD/USO): Gold miner product vs. mining cost input (theory: positive fundamental for gold mining operations’ bottom lines/counter-cyclical indication when rising)

GDX/Gold Ratio (GDX/GLD): Gold miners vs. their product (theory: positive precious metals market internal when rising)

GDX/COPX Ratio: Counter-cyclical gold miners vs. cyclical copper miners (theory: counter-cyclical indications when rising)

Gold/RINF Ratio (GLD/RINF): Gold vs. “inflation expectations” (theory: disinflationary macro when rising, positive for gold mining fundamentals)

TSX-V/TSX Ratio: Speculative Canadian commodity/resources-rich index vs. Senior Canadian Index (theory: Tailwind for wider commodity/resources trades when rising)

ACWX/SPY Ratio: Global vs. US Stock Market (theory: self-explanatory)

IWF/IWD Ratio: Growth vs. Value stocks (theory: risk-on when rising, risk aversion when declining)

XLV/SPY Ratio: Healthcare vs. broad market (theory: risk-on when declining, risk aversion when rising)

NDX/SPX Ratio (QQQ/SPY): Big Tech vs. Broad US Market (theory: Tech leadership usually bullish)

XLY/XLP Ratio: Consumer Discretionary vs. Consumer Staples (theory: risk-on, pro-cyclical indications if rising, opposite if declining)