Top Advisors Corner

Tim Ord: The Ord Oracle October 24th, 2018

Tim Ord

Tim Ord


SPX Monitoring purposes; Long SPX on 10/22/18 at 2755.88.
Monitoring purposes GOLD: Long GDX at 18.72 on 8/17/18
Long Term Trend SPX monitor purposes;  Long SPX on 10-19-18 at 2767.78

The bottom window is the 21 MA of the Equity Put/Call; next window up is the 10 MA and next up the 3 MA. We have drawn boxes around the times when all three Equity Put/Call ratio moving averages were in bullish levels (which is on the current timeframes). This condition suggests the market is in an intermediate-term bottom pattern.

Yesterday we said, “Today the SPY fell into the gap level created on October 16 in the 275 range on 35% lighter volume, showing that the gap level has support. The TRIN closed today at 1.39 and the tick closed Friday at -259, which is a bullish combination suggesting a low show form between today and Wednesday. Long SPX on 10/22/18 at 2755.88.” The gap didn’t hold and market went down to the next support level, which was the “Selling Climax” low of October 11. That low was tested on much lighter volume and closed above the October 11 low, a bullish sign. It is said that if market can’t take out a previous low with volume, it will reverse and attempt to take out the previous high. The previous high in this case is October 17, near the 2820 level, and that is the first upside resistance.

The top window is the bullish percent index for the Gold Miners index. The Bullish Percent index measures the percent of  the stocks in the Gold Miners Index that are on Point and Figure buy signals. Yesterday this percentage came in at 27%; today it jumped to 30%, showing the market is getting stronger. Also, as long as the Bullish Percent index continues higher, so should GDX. Still expect higher price for a high in November that could be in the 20.00 to 26.00 range. Long GDX at 18.72 on 8/17/18.

We are leaving for India next Tuesday to give a seminar. We are returning Saturday night. As such, there will be no report for Tuesday, Wednesday and Thursday (October 30, 31, November 1). Thank you for your support.

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.