SPY: Conflicting Indicators May Produce Sideways Pattern Into November 8 Elections
SPY
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- SPX Monitoring purposes: long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%.
- Monitoring purposes GOLD: Long GDX on 10/9/20 at 40.78.
- Long Term SPX monitor purposes: Neutral
SPY Weekly Chart
Intermediate-term lows have formed when the NYSE McClellan Summation index falls below -700 (Check) and then rallies to +1000 in around two months. The Summation index traded below -1000 on October 7 and stood at minus 654 yesterday. The Summation index would need to rally to +1000 around December 7, which is just a little over a month away. The 10-day TRIN closed yesterday at .85 (page 2) and closer to a topping area than a bottom area.
If the Summation index doesn’t reach +1000 by early to mid-December, then most likely, another decline is coming that may break to new lows. Things may change for the better if panic shows up near term, and the election possibly could do that; if panic doesn’t show up, then unlikely a rally will form, and the Summation index will not reach +1000.
SPY Daily Chart
We have been showing when the 10-day TRIN closes
