- SPX Monitoring purposes; Long SPX on 9/25/20 at 3298.46
- Monitoring purposes GOLD: Long GDX (NYSE:GDX) on 7/8/20 at 38.96; Sold 9/21/20 at 39.76= gain 2.26% gain.
- Long Term SPX monitor purposes; Neutral
We have updated this chart from yesterday, we said yesterday, “Now we have a “Sign of Strength” day (above chart) where up volume compared to total volume stands at 80% and Advancing issues compared to declining issues is over 5/1.
The bottom window is the 4 day average of the Advancing issues (blue) and 4 day average of declining issues (red) which had a bullish crossover today.” Notice that the bullish crossover of the 4 MA of Advancing issues and 4 MA of Declining issues extended more into the bullish phase. Picture remains bullish short term.
The above chart is on the hourly timeframe. The bottom window is the 10 hourly average for the TRIN. 10 hourly TRIN above 1.50 have been a bullish sign for the SPX; today’s close came in at 1.73. Readings this high suggests there is panic in the market and a bullish short term sign. Possible short term target is the previous high on the SPY which is near 342 range (3425 SPX).
The bottom window is the 18 day average of the Advance/Decline Percent (GDXADP) and next window higher is the 18 day average of the Up down Volume percent (GDXUDP). When both are below “0” (like now) the market is in a consolidation phase (identified in shaded areas). A further decline in GDX and pushing both indicators below minus 30 will suggests an exhaustion move to the downside where a bottom would form.(identified with blue vertical lines). If both indicators don’t reach -30 but start to head up would also be a bullish short term sign (blue dotted arrows. So far neither one has developed. GDX is at a support which is the previous high. It would appear