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Morning Matters:

Weekly Timing Chart Of The S&P 500
by Geoff Garbacz

October 17, 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 sees the price now below the channel which means that the bias is negative from neutral. In other words, it makes sense to be hon hold for buying stocks unless you are being very aggressive with tight stops.

Second, the Erlanger Volume Swing (EVS) is at -25.92 from -15.71 last week. Above 0 is good and below 0 is bad. So currently, it is below zero descending to lower levels.

Third, the Erlanger Crossover Spread (EC) Spread is at -165.77 from -51.79 and -10.85 two weeks ago.

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

So what is an investor to do here? We would recommend to stay with strong stocks and sell names with big gains. Several indicators have deteriorated which is why we are adjusting how we add to positions. Begin to build a shopping list of new ideas to buy.

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