SPX Monitoring purposes: Long SPX December 15, 2023 at 4719.19.
Gain since December 20, 2022: 26.8%.
Monitoring purposes GOLD: Long GDX on October 9, 2020 at 40.78.
We updated the above chart from last Thursday. Panic in the market is present when the 10-day average of the TRIN closes 1.20 and higher; 5-day average of the TRIN closes 1.40 and higher.
The bottom window is the 5-day TRIN, which closed at 1.48 last Wednesday and has backed off to 1.25, which still leans bullish. The next higher window is the 10-day TRIN, which closed at 1.19 last Wednesday and now trades at 1.17, which also leans bullish (noted on above chart in shaded pink). In summary, the 10 and 5-day TRIN reached panic levels which suggests a bottom is forming near current levels.
The trend in the market is still up. Long SPX December 15, 2023 at 4719.19. Join me on TFNN.com Tuesday 3:30 Eastern; Thursday 3:20 Eastern, Tune in.
In the above chart, the top window is the NYSE McClellan Summation Index. Bullish intermediate-term signals are triggered when the Summation index falls below -700 (hit -813 on October 27) and rallies to +1000 around two months (current reading is +921, Friday's close, up from +839 last Thursday). The two-month period would end around December 27. It appears the Christmas rally is starting and could rally into year-end, and if that turns out to be the case, then the Summation Index most likely will reach +1000. A +1000 on the Summation Index in late December would bode well for a bull market in 2024.
The bigger trend appears bullish. We keep updating this chart because it has importance to the bigger trend of the market. On December 27, the Summation index will be updated later in the evening and appear on the December 28 chart. Our view at this time is that the parameters will most likely be met, which in turn predicts a bullish 2024.
Tim Ord,
Editor
www.ord-oracle.com. Book release "The Secret Science of Price and Volume" by Timothy Ord, buy at www.Amazon.com.
Signals are provided as general information only and are not investment recommendations. You are responsible for your own investment decisions. Past performance does not guarantee future performance. Opinions are based on historical research and data believed reliable; there is no guarantee results will be profitable. Not responsible for errors or omissions. I may invest in the vehicles mentioned above.
