Chart of the Day - Monday, November 15th, 2021

Today’s Chart of the Day was shared by Aaron Jackson (@ATMcharts). It's a ratio chart of Gold Mining Stocks vs. the S&P 500 over the past decade ($GDX/$SPY). As a reminder, when the ratio is rising,  Gold Mining Stocks are outperforming the S&P 500 and vice versa. Aaron points out that $GDX looks poised to outperform the S&P 500 in the coming months. As you can see, this ratio has seen two major reversals at this level in the past six years. Keep an eye on $GDX as it tests long-term support on a relative basis.