SPX Monitoring purposes: Sold SPX on 8/27/19 at 2869.16= gain .77%; long 8/23/19 at 2847.60.
Monitor purposes GOLD: Long GDX on 1/29/19 at 21.96.
Long Term Trend SPX monitor purposes: Sold SPX 7/5/19 & 2990.41= gain 2.63%.
We have been saying the market is not set up for a larger pullback here. The bottom window is the NYSE McClellan Oscillator. It common for large decline in the SPX to begin when the McClellan Oscillator is below "0" (current reading is +88.78). The FOMC meeting is announcement is tomorrow around 2:00pm Eastern; near that time, the market could see short-term volatility. However, in general after that potential volatility, the market should move higher. There could be short-term pullbacks, but it does not appear the market is set up for a deep retracement.
The FOMC meeting is tomorrow and, if an announcement doesn't shakeup the market too much, the rally from the August low may continue. The top window is the 500 one-minute tick with a 500-period moving average. Readings above "0" are bullish and those below are bearish (current reading is +56). The bottom window is the one-minute cumulative tick with a 500-period moving average. When the cumulative tick is above its 500-MA line, the market is considered in an uptrend; when below, it's in a down trend. Cumulative tick is above its 500-MA line. For very short term, the trend is up. Since this is a short-term indicator, market news could change this signal easily and is the reason we are waiting for the FOMC announcement. Being patient for now.
The top window is the daily Bullish Percent index for the Gold Miners index with a ten-period moving average. The BPI measures the percent of stocks in Gold Miners index that are on Point & Figure buy signals. Readings above 40% on this indicator have lead to rallies in the GDX. When this indicator falls below 40%, a bearish signal is triggered. The current reading is 82.08%, which suggests the bull rally in GDX is alive. The intermediate-term rally in GDX appears in play and could extend into the December timeframe. Long GDX on 1/29/19 is at 21.97.
Tim Ord,
Editor
www.ord-oracle.com. New Book release "The Secret Science of Price and Volume" by Timothy Ord, buy at www.Amazon.com.
