India, March 19 -- Byrne CMT MFTAIn recent weeks we noted the bullish outlook for the stock market. Friday the S P 500 as well as ACWX (global equity ETF ex US stocks) closed above resistance and made higher highs.Not surprisingly as US and global equities have avoided a bear market (for the time being) precious metals have weakened. It's not a surprise that as Gold failed to breakout both the S P 500 and global equities (ACWX) held their 200-day moving averages and then made a higher high.S P 500 Global Equities GoldThe very recent underperformance in Gold and precious metals is better illustrated in the ratio charts below.Gold against stocks made a very strong move in the fourth quarter but instead of digesting or consolidating that move ...