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Morning Matters:

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

October 31, 2018

This morning we are updating our look at the S&P 500 via our favorite chart of SPY. Over the last week, from 10/23 close through 10/30 close the S&P 500 is lower by -2.06%.

[Image 1]

The first thing we notice is that the weekly Displaced Moving Average (DMA) Channel sees the price still below the channel which means that the bias is still negative. In other words, it makes sense to be on hold from buying stocks unless you are being very aggressive with tight stops.

Second, the Erlanger Volume Swing (EVS) is at -30.03 from -31.04 last week. Above 0 is good and below 0 is bad. So currently, it is below zero trying to bottom at lower levels.

Third, the Erlanger Crossover Spread (EC) Spread is at -103.21 from -132.87 last week.

Last, the Erlanger Trend Direction (ETD) remains in a downtrend as it is red in the lower half.

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

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