SPX, GDX, Gold Technicals: 11-21-18

By Tim OrdETFsNov 21, 2018 12:00PM ET

www.investing.com/analysis/spx-gdx-gold-technicals-112118-200361473/

SPX, GDX, Gold Technicals: 11-21-18

By Tim Ord | Nov 21, 2018 12:00PM ET

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XAU/USD

+0.24%

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US500

+0.38%

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SPY

+0.36%

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Gold

+0.25%

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XAU

+0.24%

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GDX

+0.42%

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SPX Monitoring purposes; Long SPX on 10/22/18 at 2755.88.
Monitoring purposes Gold: Long VanEck Vectors Gold Miners (NYSE:GDX) at 18.72 on 8/17/18
Long-Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78

SPDR S&P 500

Today the Trin closed at 1.42 and the Ticks at -74 and a bullish combination. It would have been more bullish if the Tick close below -200, never the less a bullish combination is present suggesting a short-term low could form today to as late as two days later, which would be Friday (Thursday is Thanksgiving). Longer term studies suggests minimum upside is 2980 range and over 3000 is possible year end. Follow us on twitter. @OrdOracle

Investment Manager Sentiment (top), SPDR S&P 500

Above is another sentiment indicator which is the National Association of Active Investment Managers. Readings near 35 % exposure (their clients percentage exposure in the market) has been an good indicator for intermediate term lows. The McClellan Oscillator hit a new short-term high on November 9 of +212 suggesting an initiation of an intermediate up move. From last Monday report, “Since 1950 the change from October low through year-end average=10.7% gain (with no losses) during mid term elections years (@theonedave). The 10.7% average from the October low would give a target near 289 on the SPY (NYSE:SPY) (2890 SPX).” Follow us on twitter. @OrdOracle.

Inflation/Deflation Index (top), Philadelphia Gold/Silver

Philadelphia Gold/Silver hasn’t done a lot form the September low, more or less trending sideways. XAU did break its June low where Inflation/Deflation ratio matched its June low. The Inflation/Deflation ratio tends to lead the way for XAU. Back at the 2016 top, Inflation/Deflation ratio made a lower high where XAU made a higher high warning that a top was near (proved to be a correct call). Now Inflation/Deflation ratio is matching it June low and XAU has broke to new lows, which shows a positive divergence. The Gold Commercials are short at 1823 contracts which have marked major lows in the past. The last time the Gold Commercials had this less of a short was back at the 2001 gold bottom. Long GDX at 18.72 on 8/17/18. New Book release "The Secret Science of Price and Volume" by Timothy Ord.

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Central Banks

Interest Rates

Next Meeting

FED

5.50%

Dec 13, 2023

ECB

4.50%

Dec 14, 2023

BOE

5.25%

Dec 14, 2023

SNB

1.75%

Dec 14, 2023

RBA

4.35%

Dec 05, 2023

BOC

5.00%

Dec 06, 2023

RBNZ

5.50%

Feb 28, 2024

BOJ

-0.10%

Dec 19, 2023

CBR

15.00%

Dec 15, 2023

RBI

6.50%

Dec 08, 2023

PBOC

3.45%

BCB

12.25%

Dec 13, 2023

US 30	35,941.6	-9.3	-0.03%
US 500	4,563.8	-4.0	-0.09%
Dow Jones	35,950.89	+520.47	+1.47%
S&P 500	4,567.80	+17.22	+0.38%
Nasdaq	14,226.22	-32.27	-0.23%
S&P 500 VIX	12.92	+0.03	+0.23%
Dollar Index	103.445	+0.769	+0.75%

Crude Oil WTI	75.75	-0.21	-0.28%
Brent Oil	80.39	-0.06	-0.07%
Natural Gas	2.811	+0.003	+0.11%
Gold	2,043.20	+5.10	+0.25%
Silver	25.398	+0.105	+0.42%
Copper	3.8582	+0.0047	+0.12%
US Soybeans	1,343.00	-4.00	-0.30%

U.S. 10Y	4.330	-0.020	-0.46%
U.S. 30Y	4.504	-0.007	-0.15%
U.S. 5Y	4.265	-0.033	-0.78%
U.S. 3M	5.416	+0.013	+0.25%
US 10Y T-Note	109.66	+0.19	+0.17%
Euro Bund	132.31	-0.04	-0.03%
10-2 Yield Spread	-38.84	+3.34	+-7.92%

Apple	189.91	+0.54	+0.29%
Alphabet A	132.45	-2.54	-1.88%
Tesla	239.79	-4.35	-1.78%
Amazon.com	146.05	-0.27	-0.18%
Netflix	473.97	-3.22	-0.67%
Meta Platforms	327.15	-5.05	-1.52%
Bank of America	30.48	+0.41	+1.36%

SPX, GDX, Gold Technicals: 11-21-18

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