The Ord Oracle May 2, 2023
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, “The bottom window is the 50-day average of the Up-Down Volume percent for GDX, and the next window higher is the 50-day average of the Advance/Decline percent for GDX. We found that the 50-day average of the Up Down Volume percent identify up rend in GDX when this indicator is above 0 and stays above 0. We noted these times with the light blue-shaded area. It helps to confirm the uptrend when the 50-day average of the Up Down Volume percent is also above 0, but the 50-day average of the Advance/Decline appears to carry the load better. Both indicators closed above 0 back in late August of last year, and the 50-day average of the Advance/Decline has held above 0 in general since that time and remains above it, currently suggesting the GDX rally has further to go.” Added to above is that 50-day average of Up Down Volume Percent (bottom window) closed above 0 today at +.98, suggesting the short-term consolidation may be ending and an impulse wave up is beginning.
www.ord-oracle.com. Book release “The Secret Science of Price and Volume” by Timothy Ord, buy at www.Amazon.com.
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