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Morning Matters:

S&P 500 Timing Chart
by Geoff Garbacz

September 26, 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 5.98 from 9.41 last week and 0.16 two weeks ago. 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 -2.02 from -0.68 and 0.12 two weeks ago.

Last, the Erlanger Trend Direction (ETD) moves to uptrend from pullback mode as it is now green from red in the upper half.

So what is an investor to do here? We would recommend to stay with stocks and move from not being a buyer currently to a selective buyer. Only EC Spread is a concern right now which is why we are adjusting how we add to positions.

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