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Morning Matters:

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

November 29, 2018

This morning we are updating our look at the S&P 500 via our favorite chart of SPY. Since the close of 11/20 the S&P 500 is higher by 1.97%.

[Image 1]

The first thing we notice is that the weekly Displaced Moving Average (DMA) Channel sees the price just moved into the channel which means that the bias now is neutral.

Second, the Erlanger Volume Swing (EVS) is at -2.54 from -17.23 last week. Above 0 is good and below 0 is bad. So currently, it is below zero trying to move back above 0.

Third, the Erlanger Crossover Spread (EC) Spread is at -6.24 from -1.47 last week.

Last, the Erlanger Trend Direction (ETD) remains in rally from downtrend as it is now green in the lower half.

So what is an investor to do here? We would recommend to stay with strong stocks and begin to nibble on weaker stocks in rally mode on the ETD. 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 in addition to nibbling on really weak days.

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