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Thursday, January 30, 2020 7:15:20 AM
By: Tim Ord | January 29, 2020
* (Click Read Full Story »»» at the bottom of the page for the charts to appear on the post)
SPX Monitoring purposes: Long SPX on 1/28/20 at 3276.24.
Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96.
Long Term Trend SPX monitor purposes: Sold long-term SPX on 10/24/19 at 3010.29=gain 1.49%; Long SPX on 10/14/19 at 2966.15.
The top window is the 10-period Bullish Percent Index for the Gold Miners Index, which stands at 81.08 (81.08% of the Gold Miners Index stocks are on Point & Figure buy signals). It's considered an index in a bullish move, with a reading above 40%. The next window down is the Bollinger Bandwidth for GDX. When Bollinger Bandwidth is at a low level, that suggests the Bollinger Bandwidth for GDX is pinching. A pinching of the Bollinger Bands suggests a consolidation is nearing an end and an impulse wave is about to begin. Since the Bullish Percent Index is above 40%, that suggests the impulse wave move will be up. We have marked previous times with blue vertical lines when the Bollinger Band width was near current levels. The move may start around the FOMC meeting announcement, which is tomorrow. January is seasonally bullish for gold and gold stocks during election years, of which this year is one. Long GDX on 1/29/19 at 21.97.
Tim Ord,
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