SPX Monitoring purposes; Long SPX on 12/27/17 at 2682.62.
Monitoring purposes GOLD: Long GDX on 12/20/17 at 22.49
Long Term Trend monitor purposes: Neutral.
Last Thursday’s report we said. “Tuesday the Tick closed at -216 and yesterday the TRIN closed at 1.42 and a short term bullish combination.” Added to that, last Friday the Ticks closed at -398 and the TRIN closed at 1.46 and another bullish combination. On a two hour chart the pattern forming over the last several days appear to be a “Flag”. “Flag” pattern normally appear at the half way point of the move. If that turns out the case this time, it would give a target for the next high near 2720 range. The Bollinger Bands are spreading suggesting the move has started. With the NYSE McClellan Oscillator remains above “0” and bullish for short term. Long SPX on 12/27/17 at 2682.62.
The bottom window is the NYSE Up Volume. When NYSE up Volume falls below +200 the market has been near a short term low. The chart above goes back 5 months and the red vertical lines show when the NYSE Up Volume fell below +200. Last Friday’s sell off pushed the NYSE UP Volume down near +200 and a short term bullish sign. Long SPX on 12/27/17 at 2682.62.
The COT Commercials short position reported at 149K last week; up from 128K the week before; still in bullish levels but less so than a week before. Near tops in Gold the commercials reach 210K short or higher. The top window is the RSI for GDX which is above “0” and bullish. The second window up form the bottom is the UP Down Volume indicator and last Friday’s close came in at +27.12 and above “0” and bullish. Today’s reading will be updated later tonight and likely will increase form Friday’s reading. Next window up is the Advance/Decline indicators which is also above “0” and bullish and will most likely increased from Friday’s reading when it updates later tonight. Support lies near 2.75. Long GDX on 12/20/17 at 22.49.