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US Stock Markets - New ATH Ahead

by Antonis Benis, on Sep 11, 2019 5:10:12 PM

S&P 500

The big news last week: The all important NYSE Advance/Decline line, which measures breadth, made a new high, took out the previous high set back in July; major price averages are still lagging in that area but they almost always follow the lead of the Advance/Decline line, i.e. expect new all time highs in the near future (see chart 1).

NYSE Advance_Decline Line

Courtesy of Sentimentrader.com

 

Possible resistance in the coming weeks: Dow Jones: 28110/28267, S&P 500: 3090 (see charts 2,3).

DOW JONES 30

S&P 500

Cycles suggest some caution for right now, showing a correction/consolidation into September 17th, coincident with the September 17-18 FOMC meeting (see chart 4).

 

TS- S&P 500 (weekly)-1

Besides, SPX is registering a TD daily sequential 9 sell setup today. There may be a short term correction until next week, which would provide an opportunity to (re)enter the market. Buy the next (very) short term oversold reading.


 

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GOLD

Gold did not reach exactly the resistance mentioned in my previous reports; missed it by about 2%. It has reversed and is now heading lower. Expect a multi week decline, possible support at $1420, in mid-October (see chart 5); sell the next short term overbought.

COMEX GOLD (daily)

Interestingly enough, both Newmont and Wheaton Precious metals reached almost textbook Gann resistance levels (see charts 6,7).

NEWMONT MINING

WHEATON PRECIOUS METALS



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Topic:Trading SignalsOnline Trading PlatformAsset AllocationActive TradingInvestment StrategyS&P 500Dow JonesNASDAQGoldUS Stock Market
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