The ORD Oracle, May 1, 2017

SPX Monitoring purposes;  Long SPX on 4/24/17 & 2374.15.
Monitoring purposes GOLD: Neutral
Long Term Trend monitor purposes: Neutral.

The top window is the McClellan Oscillator; readings above “0” suggest the SPX is in an uptrend and below “0” in a downtrend. Friday the McClellan Oscillator closed at +25.93 and today’s +34.50. With today’s gain in the Oscillator, it suggests the market is getting stronger. In Uptrends the RSI stays above “50” and today’s close came in at 63.50. The SPX has been hovering right below the March high and not backing way form this high.  This condition suggests the market is building strength to break through the March high. Short term trend appears up but next rally may lead to a top.  Long SPX on 4/24/17 at 2374.15.

The top window is the 10 day average of the TRIN.  Reading near 1.30 an higher normally indicate the market is near a low. Since late March the 10 day TRIN has been staying near the bullish level of 1.30 suggests the rally is not done short term. A break to new short term high above 2400 on the SPX is possible in the coming days. A bearish sign would develop if the TRIN started to close below .50 on the next rally phase.  Another short term bullish sign are the TRIN and Tick close today. The TRIN closed at 1.31 and the Tick closed at -291 and in the past that combination have lead to short term rallies in the SPX.

A small divergence showed up today where GDX broke new short term low and GDX/GLD ratio held above its previous low. GDX/GLD ratio leads the way for GDX.  Since GDX/GLD ratio broke below its early March low, suggesting GDX will break its early March low; with today’s positive divergence it would suggests GDX may find support at its March low. The RSI for the GDX/GLD ratio is still below “0” it suggests the short term trend is down. What may be setup up here is a short term bounce in GDX, once it breaks its March low. We will have to wait and see how the potential setup occurs and if the setup presents the condition for a worthwhile bounce. On the sidelines for now. The monthly charts remain bullish.  For examples in how “Ord-Volume” works, visit