The All New Market Analysis – September 18, 2019

SPX Monitoring purposes; Sold SPX on 8/27/19 at 2869.16= gain .77%; long 8/23/19 at 2847.60.
purposes GOLD: Long GDX on 1/29/19 at 21.96.
Long Term Trend SPX monitor purposes; Sold SPX 7/5/19 & 2990.41= gain 2.63%.

We been saying the market is not setup for a larger pullback here. The bottom window is the NYSE McClellan Oscillator.  It common for large decline in the SPX to begin when the McClellan Oscillator is below “0” (current reading is +88.78).   FOMC meeting is announcement is Tomorrow around 2:00 Eastern and near that time market could see short term volatility.  However, in general after the potential volatility the market should move higher.  There can be short term pullbacks but does not appear the market is setup for a deep retracement.

FOMC meeting is tomorrow and if announcement doesn’t shakeup the market much, the rally from the August low may continue.  The top window is the 500 one minute tick with a 500 period moving average.  Readings above “0” are bullish and below bearish (current reading is +56).  The bottom window is the one minute cumulative tick with a 500 period moving average. When cumulative tick is above its 500 MA line, the market is considered in an uptrend and below, a down trend.  Cumulative tick is above its 500 MA line.  For very short term, the trend is up.  Since this is a short term indicator, market news could change this signal easily and the reason we are waiting for the FOMC announcement.  Being patience for now.

The top window is the daily Bullish Percent index for the Gold Miners index with a ten period moving average.  The bullish percent index measures the percent of stocks in Gold Miners index that are on Point and Figure buy signals.  Readings above 40% on this indicator have lead to rallies in GDX.  When this indicator falls below 40%, a bearish signal is triggered.  The current reading is 82.08% suggests the bull rally in GDX is alive.  The intermediate term rally in GDX appears in play and could extend into the December timeframe.