SPX Is Within Five Points From Its All Time High
Employment data on Friday caused a massive short covering which pushed SPX to close near its all time high. Chances are good that SPX continues its rally after a brief sell off to back test its AUL and PDL-0 around 2120 sometime on Monday or Tuesday.
Also on Friday, gold rallied to close at a two year high while 10 year treasury yields dropped to all time lows. Last two times (August of 2000 and January of 2008) that similar rallies in gold and bonds occurred simultaneously were just prior to significant market corrections.
SGS_LT Market Timer Status: NEUTRALNEUTRAL as of close of July 8, 2016
SGS_LT is a Long Term (weeks to months) Timer
Current Long Term Portfolio (2016)
Past Long Term Portfolios (2008-2015)
My plan is to close my short positions should SPX rally and put in a new all time closing high.
SPX: S&P 500 Index D-SMA: Daily - Simple Moving Average
DJI: Dow Jones Industrial Index D-EMA: Daily - Exponential Moving Average
DJT: Dow Jones Transportation Index PDL: Primary Downtrend Line
NAZ: NASDAQ Composite Index PUL: Primary Uptrend Line
RUT: Russell 2000 Index ADL: Active Downtrend Line
OEX: S&P 100 Index AUL: Active Uptrend Line
NDX: Nasdaq 100 Index DTL: Dynamic Trend Line
TUL: Tentative Uptrend Line TDL: Tentative Downtrend Line
Disclaimer: The views expressed are provided for informational purposes only and should not be construed in any way as investment advice or recommendation. Furthermore, the opinions expressed may change without notice.