Connect with us

Hi, what are you looking for?

Stocks

The Ord Oracle February 15, 2023

SPX Monitoring Purposes: Long SPX on 2/6/23 at 4110.98.

Monitoring Purposes GOLD:  Long GDX on 10/9/20 at 40.78.

Long Term SPX Monitor Purposes: Neutral.

Yesterday we said, “We posted this chart back in early January. We noted that, when both 18 MA’s of the Up/Down volume and Advance/Decline indicators reach above +20, the market is due for a consolidation (got the pull back). We also noted that when both indicators reach >+20, after the pullback, the market goes on to make a higher high. We noted those instances on the chart above with red vertical lines. Notice also that there was a “shakeout”, which is when the market is unable to hold below previous lows. A close above the previous lows creates the “shakeout”. What normally happens next is an attempt to break above the previous highs, which in this case would be for GDX to attempt to break above 41.00 range. As long as the weekly mid-Bollinger Bands are rising, then the trend is up.”

Added to the above, GDX is back at the support lines that date back to 2016 (7 year support line). The longer in time the support line, the stronger it is. The pattern that may be forming is a “head-and-shoulders bottom” pattern where the head is the late September low. I might add GDX traded above its left shoulder on higher volume, suggesting the early January high will be exceeded at some point and give credit to the developing head-and-shoulders pattern, This potential head-and-shoulders pattern has a measured target to 42.00 range, which is back to the old highs.

Tim Ord,

Editor

www.ord-oracle.com. Book release “The Secret Science of Price and Volume” by Timothy Ord, buy at www.Amazon.com.

Signals are provided as general information only and are not investment recommendations. You are responsible for your own investment decisions. Past performance does not guarantee future performance. Opinions are based on historical research and data believed reliable; there is no guarantee results will be profitable. Not responsible for errors or omissions. I may invest in the vehicles mentioned above.

Advertisement

    You May Also Like

    Investing

    RevisingTheBankSecrecyAct_NorbertMichelAndJenniferSchulp_CMFAWP007   The post Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals (CMFA Working Paper No.007) appeared first on Alt-M.

    Investing

    Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the...

    Business

    Rollee enables worker’s to share their professional data, spread over one or more financial platforms. Ali Hamriti, CEO and Co-Founder of Rollee, is on...

    Business

    The energy crisis means that as the price of wholesale commercial energy hits an unprecedented high, businesses must pay notably more for their energy...

    Disclaimer: successfuldealnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 successfuldealnow.com | All Rights Reserved