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Home Stock The Ord Oracle February 15, 2023
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The Ord Oracle February 15, 2023

by February 15, 2023
by February 15, 2023 0 comment
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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.

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