We could be near an important turning point in equity markets.
August provides technical turning points in equity index markets.
Those supporting a bullish view on equities could accurately be compared to the boy who cried wolf. But six months into the current upward correction, an argument can be made that even though pain is still apparent, the leading indicators are pointing up.
In the chart below we plot large golds, junior golds, silver stocks, commodity stocks, emerging markets and the S&P 500. The short-term observation is obvious but important.