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SPX Monitoring purposes; Long SPX on 10-29-24 at 5832.92

Our Gain 1/1/23 to 12/31/23 SPX= 28.12%; SPX gain 23.38%

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

We are up 31.40%; SPX up 25.7% so far this year. Notice that the daily SPY has closed above its upper Bollinger band last Thursday and Friday (circled in red) which can stall the market short term. Support now lies at the previous highs near 585 SPY. The picture remains bullish but market could stall short term because of last week closes above the upper Bollinger band. This quarter is the strongest quarter of the year seasonality wise and market usually rally into year end. We are staying long our SPX position. Long SPX on 10/29/24 at 5832.92.

Above is the weekly SPY with its Bollinger band. The weekly SPY can stall short term when 50% of the trading range closes above its outer Bollinger band. We circled in blue the instances dating back to 2023 when this condition developed.We have a squared box in shaded green pointing to where the SPY is now. The SPY is hovering at the upper Bollinger band and can move higher but probably at a slower rage as the upper Bollinger band act as resistance.Support lies at the previous high near 585 SPY. The intermediate term trend is up until at least year end.

The top window is the monthly cumulative up down volume for GDX with its Bollinger band and bottom window is the monthly cumulative advance/decline for GDX with its Bollinger band. Buy signals are triggered when both indicators close above their mid Bollinger band and sell signals when both indicators close below. Latest signal came in May of this year with a buy signal.Most signals of this type last 1 ½ years or longer. Therefore the current buy signal may last into November 2025 or longer. Having said that; GDX tested the high of 2020 near the 44.00 range and backed away.With both monthly cumulative indicators are buy signals; at some point the 44.00 range will be exceeded. Bigger trend will remain up but GDX could produce a consolidation that may last several weeks.  

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