CHARTS_CCI_SYSTEM

[DowDeva]

Stated since May I was calling for a late August high (possibly until early September), then down. Institutions reduced their exposure to NDX last week.

I thought albeit with no supportive TA, that the sentiment calling for a decline after elections was too easy, and that the CIT (change in trend to down) would happen in September out of the blue (not COVID). Still thinking that as most potential course.

And finally, I recently posted that gold and SPX are closely correlated in Hurst methodology and that gold is leading by a couple of days. GOLD gapped up today and I am finally looking for negative divergences in longer term intra-day charts such as the two and four hour in GOLD.

I am hoping to use gold if it maintains it short lead as proxy for a coming decline in the general market. Also NIKK, Hange Seng, $KOSPI, etc.

Glen, you and many other people have said that TA doesn't work anymore due to FED intervention. Basically, yes, but for weekly and monthly charts it's still hard for the algos to distort technical patterns.