Monitoring purposes SPX: neutral.
Monitoring purposes GOLD: Long GDX on 5/31/16 at 22.58; stop 22.00.
Long Term Trend monitor purposes: Short SPX on 1/13/16 at 1890.28
Above is a short term picture for the SPY. The top window is the NYSE up volume/NYSE Down Volume with a 3 period moving average and this indicator remains on a bullish crossover. Second window up from the bottom is the NYSE advancing issues/NYSE declining issues with 3 period moving average and this indicator also remains on a bullish crossover. On page two, the VIX related information and the pattern forming on the NYA suggests a top is nearing. Being patient for now.
It has been a bearish short term sign in the market when the NYA makes a higher high and the VIX makes a higher closing low. This relationship appeared at the Late December 2015 high, April 2016 high and its appearing again. That pattern that appears to be forming on the NYA is a “Three Drives to top” and it working on the third high now. This pattern predicts once the Third top is complete, a pull back is expected that retraces back down to where pattern began and in this case for the NYA a pull back to 10,000 is projected. Both the first and second tops on this pattern have double tops and to keep the symmetry the “third top” may also have a “Double top”. The bottom window is the McClellan Oscillator, which made a higher high today above the “0” line which is bullish and buying time. However the time is running out for the upside.
The top window is the Bullish Percent index which rose yesterday showing the market is getting stronger, even though GDX was relative flat. “On Balance Volume” (third window down from top) has made a higher high yesterday which also showing the market internals are getting stronger. The bottom window is the GDX/GLD ratio which also has made a higher high and suggests GDX will make a higher high. It appears in Elliott Wave terms that Wave 5 may have started last Friday and Wave 5 normally breaks to new high and is also the last Wave up before a larger consolidation may begin. Don’t believe the rally in GDX is done and a new short term high is expected soon. Raised stop on GDX to 22.00. Long GDX at 22.58 stop at 22.00.
Tim Ord,
Editor
For examples in how "Ord-Volume" works, visit www.ord-oracle.com. New Book release "The Secret Science of Price and Volume" by Timothy Ord, buy on www.Amazon.com.
