SPX Monitoring purposes: Sold SPX 12/24/19 at 3223.36-gain 1.72%; Long SPX on 12/13/19 at 3168.80.
Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96.
Long Term Trend SPX monitor purposes; Sold long-term SPX on 10/24/19 at 3010.29=gain 1.49%; Long SPX on 10/14/19 at 2966.15.
A pullback in the SPX may be near. However, the potential consolidation may be shallow. The Bollinger Bandwidth of the VIX less than 12 have led to minor consolidations in the SPX and none where found at significant highs (going back 15 years). The recent Bollinger Bandwidth of the VIX low came in at 11.51. Sold long SPX on 12/24/19 at 3223.36= gain 1.72% long SPX on 12/13/19 at 3168.80.
The top window is the NYSE McClellan Oscillator. Readings above "0" are bullish and below are bearish (closed yesterday at +26.29). The next window down is the NYSE Common Stock-only McClellan Volume Oscillator; readings above "0" are bullish, below bearish (Yesterday's close was +9.04). The fourth window down from the top is the NYSE Common Stock-only McClellan Oscillator, which closed yesterday at -6.91 and in bearish territory. As of yesterday's close, two of the Oscillators are above "0" (bullish) and one below "0' (bearish). So, at the momentum according to the Oscillators, the lean is still bullish but could change quickly. At best, the market may trend sideways and, at worst, will have a test of support near 3075 SPX. I don't see a safe setup.
The top window is the 10-day average of the Bullish Percent Index for the Gold Miners index. The Bullish Percent Index (BPI) measures the percent of stock in an index that are on Point and Figure buy signals. The 10-day average of the BPI above 40% predicts the index is in a bullish move. The current 10-day average of the BPI for the Gold Miners Index stands at 80.42. The rally in the Gold stocks appears to have further to go. The next resistance for GDM (Gold Miners index) is near 1100, which corresponds to 37.50 range on GDX. Long GDX on 1/29/19 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.
