Thursday, October 12, 2017

Oct 12, 2017

The SPX made an xyz bull flag today suggesting higher prices into Monday, which should also be a low.  I expect 2560 by Monday then a quick test of 2536 the same day to cover the recent gap up.  Monday is TD 15 off of a 24 TD cycle low.  We had similar moves in early June and again in late July.  All shorts should cover at 2536 and go long as another new high should result.
All momentum indicators are rolling over suggesting after the next high after Monday we should see some downward selling. Friday could gap up.
GDX should see some selling early Friday followed by strength.