Monday, November 6, 2017

Topping Behavior, 2 Days Down?

The SPX should make an astro/cycle top today.  There isn't much room to rally, IMO, maybe 4-5 points.  IF we rally into mid session, we could see an evening star pattern. Likely we see down into Wednesday though.  IF we hold 2558 and cover the gap at 2560, we are likely then to see higher highs into week's end as this possible pattern would suggest higher highs.

There is a 70 TD cycle low (5/14 week low) due around Nov 29 and the 70 TD cycle might suggest a top on Friday this week, along with a positive trine on Nov 11.

GDX is in a strange holding pattern with positive divergences.  The COT data is positive, but gold does not want to seem to move. I would at this point look to sell rallies.

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