SPX Monitoring purposes; Neutral. Monitoring purposes GOLD: Long GDX at 18.72 on 8/17/18 Long Term Trend SPX monitor purposes; Short SPX on 10/5/18 at 2885.57.
Little change from yesterday and the short term picture remains bullish. Did check the COT Gold commercials and, at last, a report came in at 8875 contracts long, the highest bullish reading going back to 2015. The bottom window is the Advance/Decline with an 18-period moving average and above that is the Up Down Volume with an 18-period moving average. Readings below “0” are bearish and readings above "0" are bullish. These indicators closed above “0” last Monday and remain above “0,” suggesting the rally should continue for GDX. The pattern that appeared to have formed on GDX is a Head and Shoulders bottom, which has a measured target near the 21.25 level. When the Head and Shoulders bottom is symmetric their reliability increases and this one looks symmetric. The larger pattern that GDX broke down from is a “Triangle Pattern” and the “Apex” lies near 22.00 and could also be an upside target. Long GDX at 18.72 on 8/17/18.
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