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Friday, July 21, 2017 9:17:38 AM
:::: DP Alert: SPY Closes on All-Time High - Utilities ETFs ITTM BUY Signals ::::
By Erin Heim | July 20, 2017
No new changes on the DecisionPoint Scoreboards although I happen to know there is an intermediate-term PMO BUY signal waiting in the wings on the NDX. That signal will not go final until after Friday's trading. Utilities SPDR (XLU) and the equal-weight Utilities ETF (RYU) both garnered IT Trend Model BUY signals. Gold turned in a PMO BUY signal on the daily chart and TLT managed a new ST Trend Model BUY signal. Where's the bear?
SIGNALS: Here we include charts of any important signal changes triggered today by our Intermediate-Term Trend Model.
An IT Trend Model BUY signal is triggered when the 20-EMA crosses above the 50-EMA. Both RYU and XLU have some room to move higher before hitting the next level of strong resistance. I'm looking at $89 for RYU and $54 for XLU. RYU also triggered a PMO BUY signal as the daily PMO crossed above its signal line. XLU is only a day away from the same signal.
STOCKS
IT Trend Model: BUY as of 11/15/2016
LT Trend Model: BUY as of 4/1/2016
The SPY logged a new intraday all-time high and also managed to close on an all-time high of $247.10. The SPX didn't quite log a closing all-time high, but it did set a new intraday all-time high. Looking at the 10-minute bar chart it seems that price is likely ready to consolidate and take a pause for the short term.
Support at $245 is holding nicely and the continuation of the current rally is encouraging.
Ultra-Short-Term Indicators: We did see climactic readings yesterday as far as breadth. My first thought would've been this was an exhaustion climax, but the VIX is still steady in low readings and we didn't see a penetration of the VIX Bollinger Band. I still suspect this was a climactic reading and that we should expect a pause or pullback in the very short term.
Short-Term Indicators: These indicators also provide evidence that there are problems in the short term. They have topped in somewhat overbought territory and are heading lower with very little "twitch". Previously we've seen overbought readings unwind themselves on consolidation or sideways moves, so this isn't necessarily a doom and gloom call.
Intermediate-Term Indicators: One reason I'm staying away from "doom and gloom" are these very bullish intermediate-term indicators. The ITBM and ITVM are both rising nicely after bouncing above the zero line. This suggests internal strength in the intermediate term.
Conclusion: I would expect to see some downside or at a minimum consolidation in the next week, maybe two. Intermediate-term indicators are too bullish to look for a correction.
DOLLAR
IT Trend Model: NEUTRAL as of 3/21/2016
LT Trend Model: SELL as of 05/24/2017
The Dollar continues lower. This is an important area of support right now for UUP. I've included the weekly chart so you can see the significance of this area of horizontal support at $24. The indicators are still very negative so I have to believe this area of support won't hold. In which case, based on the weekly chart, the next level of strong support would be at $23. I've figured out why the Dollar is tanking right now. I'm getting ready to travel to Europe on my honeymoon...the exchange rate has to be horrible or just wouldn't be a trip to Europe for me!
http://stockcharts.com/articles/decisionpoint/2017/07/dp-alert-spy-closes-on-all-time-high---utilities-etfs-ittm-buy-signals---pmo-buy-signal-on-gold.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By Erin Heim | July 20, 2017
No new changes on the DecisionPoint Scoreboards although I happen to know there is an intermediate-term PMO BUY signal waiting in the wings on the NDX. That signal will not go final until after Friday's trading. Utilities SPDR (XLU) and the equal-weight Utilities ETF (RYU) both garnered IT Trend Model BUY signals. Gold turned in a PMO BUY signal on the daily chart and TLT managed a new ST Trend Model BUY signal. Where's the bear?
SIGNALS: Here we include charts of any important signal changes triggered today by our Intermediate-Term Trend Model.
An IT Trend Model BUY signal is triggered when the 20-EMA crosses above the 50-EMA. Both RYU and XLU have some room to move higher before hitting the next level of strong resistance. I'm looking at $89 for RYU and $54 for XLU. RYU also triggered a PMO BUY signal as the daily PMO crossed above its signal line. XLU is only a day away from the same signal.
STOCKS
IT Trend Model: BUY as of 11/15/2016
LT Trend Model: BUY as of 4/1/2016
The SPY logged a new intraday all-time high and also managed to close on an all-time high of $247.10. The SPX didn't quite log a closing all-time high, but it did set a new intraday all-time high. Looking at the 10-minute bar chart it seems that price is likely ready to consolidate and take a pause for the short term.
Support at $245 is holding nicely and the continuation of the current rally is encouraging.
Ultra-Short-Term Indicators: We did see climactic readings yesterday as far as breadth. My first thought would've been this was an exhaustion climax, but the VIX is still steady in low readings and we didn't see a penetration of the VIX Bollinger Band. I still suspect this was a climactic reading and that we should expect a pause or pullback in the very short term.
Short-Term Indicators: These indicators also provide evidence that there are problems in the short term. They have topped in somewhat overbought territory and are heading lower with very little "twitch". Previously we've seen overbought readings unwind themselves on consolidation or sideways moves, so this isn't necessarily a doom and gloom call.
Intermediate-Term Indicators: One reason I'm staying away from "doom and gloom" are these very bullish intermediate-term indicators. The ITBM and ITVM are both rising nicely after bouncing above the zero line. This suggests internal strength in the intermediate term.
Conclusion: I would expect to see some downside or at a minimum consolidation in the next week, maybe two. Intermediate-term indicators are too bullish to look for a correction.
DOLLAR
IT Trend Model: NEUTRAL as of 3/21/2016
LT Trend Model: SELL as of 05/24/2017
The Dollar continues lower. This is an important area of support right now for UUP. I've included the weekly chart so you can see the significance of this area of horizontal support at $24. The indicators are still very negative so I have to believe this area of support won't hold. In which case, based on the weekly chart, the next level of strong support would be at $23. I've figured out why the Dollar is tanking right now. I'm getting ready to travel to Europe on my honeymoon...the exchange rate has to be horrible or just wouldn't be a trip to Europe for me!
http://stockcharts.com/articles/decisionpoint/2017/07/dp-alert-spy-closes-on-all-time-high---utilities-etfs-ittm-buy-signals---pmo-buy-signal-on-gold.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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