The Gold Bugs Index could be sending some good news to this out of favor sector of late!
The Gold bugs index has struggled for the past 7-years compared to the S&P 500, as it has created a series of lower highs. This decline reflects that Gold miners have been much weaker than the S&P 500. The weakness in the ratio has been suggesting to be long the S&P and short the Gold bugs index.
Of late the ratio might have created a double bottom, bouncing off the 2016 lows. The strength in the ratio of late has it breaking above falling resistance at (1).
This breakout is good news for this hard hit, out of favor ratio!