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Gold has been oddly interesting lately. Take a look at the chart below, and note in particular two items: first, see the magenta-tinted area in which gold briefly breaks below support. I think that’s a pretty interesting “tell’ that this support isn’t that solid. Second, look at the green-tinted area where gold should have kept marching higher; it didn’t. To me, that’s also a “tell” that there isn’t real strength behind the metal.
Along with the highly publicized loss of leadership from big tech, the US stock market is now in danger of losing another, and possibly more important leader, the piggies or banking sector.
While the weekly chart of BKX has not yet broken down, it is very close to doing so after sporting a negative RSI divergence for the better part of the last year. We should not jump the gun with bearish scenarios, but as always we want to be among those looking forward and ready, just like in 2007, which was the last time BKX-SPX began to roll over in earnest.
Oh, wait…….
