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Morning Matters:

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

May 15, 2019

We are updating our look at the S&P 500 via our favorite chart of SPY.

Since the close of October 10th, the Weekly Displaced Moving Average (DMA) Channel (Orange Band) had been below or in the DMA Channel which means that the bias had been negative. Thirteen weeks ago it moved above the channel and this action is now toast as it moves back into the channel. The Daily (Yellow Band) is back in the channel. Bias is neutral.

[Image 1]

Second, the Erlanger Volume Swing (EVS) is at -21.85 from -18.81. Above 0 is good and below 0 is bad. The current action is showing weakness.

Third, the Erlanger Crossover Spread (EC) Spread is at -74.06 from -1.53 which is a drop from last week and remains negative.

Last, the Erlanger Trend Direction (ETD) remains red which is pullback.

So what is an investor to do here? We would recommend to stay with strong stocks and begin to trim selectively to those names that have participated in excess of the market. For the time being we are sitting on our hands which is a new change.

Several indicators remain weak which is why we adjusted how we add to positions in our Morning Matters Portfolio. For now, cash is at 25% from 33% and we may take cash back to 50%.

We recommend that you begin to raise some cash here.

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