• SPX Monitoring purposes; Sold SPX on 8/27/19 at 2869.16= gain .77%; long 8/23/19 at 2847.60.
• Gold: Long GDX on 1/29/19 at 21.96.
• Long-term Trend SPX monitor purposes; Sold SPX 7/5/19 & 2990.41= gain 2.63%.

We've been saying that the market is not set up for a larger pullback here. On the bottom window is the NYSE McClellan Oscillator. It is common for a large decline in the SPX to begin when the McClellan Oscillator is below “0” (current reading is +88.78). FOMC meeting will make an announcement tomorrow around 2:00 Eastern and near that time the market could see short-term volatility. However, in general, after the potential volatility, the market should move higher. There can be short-term pullbacks but does not appear the market is set up for a deep retracement.   

The FOMC meeting is tomorrow and if the announcement doesn’t shake up the market much, the rally from the August low may continue. On the top window is the 500 one minute tick with a 500 period moving average. Readings above “0” are bullish and below are bearish (current reading is +56). On the bottom window is the one minute cumulative tick with a 500 period moving average. When the cumulative tick is above its 500 MA line, the market is considered in an uptrend and when below a downtrend. The cumulative tick is above its 500 MA line. On a short-term period the trend is up. Since this is a short-term indicator, market news could change the signal easily and that is the reason why we are waiting for the FOMC announcement. Investors need to be patient for now. 

On the top window is the daily Bullish Percent index for the Gold Miners index with a ten period moving average. The bullish percent index measures the percent of stocks in the Gold Miners index that are on Point and Figure buy signals. Readings above 40% on this indicator will eventually lead to rallies in GDX. When this indicator falls below 40%, a bearish signal is triggered. The current reading is 82.08%, which suggests the bull rally in GDX is alive.The intermediate-term rally in GDX appears in play and could extend into the December timeframe. Long GDX on 1/29/19 at 21.97.