SPX Monitoring purposes; Sold SPX on 8/19/24 at 5608.25 = Gain 8.14%gain; Long SPX on 8/5/24 at 5186.33.
Covered short 8/2/24 at 5346.56 = gain 3.18%; Short SPX on 7/31/24 at 5522.30.
Our Gain 1/1/23 to 12/31/23 SPX= 28.12%; SPX gain 23.38%
Monitoring purposes GOLD: Long GDX on 10/9/20 at 40.78.
We are up over 26% this year so far; SPX up around 17%. Above is the daily SPY. SPY hasn’t touched the August 15 gap (540.88 SPY) and most likely will short term; and that area may lead us to the next clue of what the SPY may do next. The TRIN closes have been rising above 1.20 suggesting the gap may have support. The gap volume came in near 60.4 million and a test of that gap on 10% lighter volume will be another bullish sign. Don’t see a good setup yet, will stay neutral for now; bigger trend remains bullish; Still looking for new highs later this year. Sold long SPX on 8/19/24 at 5608.25= gain 8.14%; Long SPX on 8/5/24 at 5186.33.
We updated this chart from yesterday and what we said yesterday still stands, “The bottom window is the Zweig Breadth Thrust indicator (ZBT). Bullish signals are triggered when NYSE advancing issues/NYSE total issues reach .40 or lower and rally to .60 or higher in ten days or less. The last signal started August 5 with a reading of .40 and then rallied to .62 on August 19 (10 days). ZBT signals only show up in bull markets. We noted previous signals on the chart above with red lines and blue lines noting the start and end days. Note there were 3 signals in the basing period from May 2022 to April 2023 signaling a large rally was in the making; which it was.”
The Bottom window is an indicator that helps to define the trend for GDX. This indicator is the 50-day average for the up-down volume percent for GDX. In a nutshell, an uptrend is in force for GDX when this indicator is above “0”; a downtrend below “O”. We shaded in light green the times when this indicator has been above “0”. This indicator has been above “0” since early April and currently comes in at +9.44.