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Morning Matters:

S&P 500 Timing Chart
by Geoff Garbacz

September 19, 2018

This morning we are updating our look at the S&P 500 via our favorite chart.

[Image 1]

The first thing we notice is that the weekly Displaced Moving Average (DMA) Channel is below price which means that the bias is positive. In other words, it makes sense to be long.

Second, the Erlanger Volume Swing (EVS) is at 9.41 from 0.16 last week. Above 0 is good and below 0 is bad. So currently, it is back above zero and holding at that level.

Third, the Erlanger Crossover Spread (EC) Spread is at -0.68 from 0.12 and has turned to red which is a negative.

Last, the Erlanger Trend Direction (ETD) is still in pullback mode as it is red in the upper half.

So what is an investor to do here. We would recommend to stay with stocks but not be a buyer currently. Rather hold on to what we own. If we see further deterioration, then we will alert you to start raising some more cash.

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