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The above chart compares the New York Stock Exchange Index (NYSE) to the Junior Miners ETF (GDXJ). The ratio has created a strong move up over the past few years, as the stock market has performed tons better than the miners ETF.
The ratio may have created a head & shoulders topping pattern. Even if the pattern read is incorrect, the ratio does find itself at the bottom of a rising channel, as it test support.
What takes place at this support line could be very important for miners and where they will be at the end of the year!!!