Think the rally is safe? This elite market-timing indicator says a correction is overdue.

The U.S. stock market’s prospects continue to deteriorate, according to the gold-platinum ratio — a relatively obscure indicator with an impressive track record predicting the stock market’s 12-month return.

I say “continue” because the ratio of gold GC00 to platinum PL00 was already declining when I last wrote about it in November. As you can see from the accompanying chart, the ratio has declined since then. That doesn’t bode well for the S&P 500 SPX.