Home Stock The Ord Oracle August 1, 2023 | High Advisors Nook

The Ord Oracle August 1, 2023 | High Advisors Nook

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The Ord Oracle August 1, 2023 | High Advisors Nook

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SPX Monitoring Functions: Lengthy SPX 6/21/23 at 4365.69; offered 7/21/23 4536.34=achieve 3.91%.

Lengthy SPX on 2/6/23 at 4110.98: Offered 6/16/23 at 4409.59 = achieve of seven.26%. Achieve since 12/20/22=17.68%.

Monitoring Functions GOLD:  Lengthy GDX on 10/9/20 at 40.78.

Our view stays the identical; we mentioned yesterday, “The center window is the month-to-month SPX. The SPX is working into the highs of February, March, and April 2022 close to the 4600 vary, which is a pure resistance space and should stall the market. Seasonality-wise the market is coming into into the weakest quarter of the yr beginning now and turning to October. Our view is {that a} buying and selling vary could develop with a resistance close to 4600 SPX and help space close to 4200. This potential buying and selling vary may final into October and develop a ‘Proper Shoulder’ of a head-and-shoulders backside, the place the ‘Left Shoulder’ developed from February to April 2022. The ‘Head’ of this potential head-and -shoulders backside lies on the October 2022 low. SPX was up 5 months in a row and August is without doubt one of the weakest months of the yr and that mixture may result in a pull again. VIX stays relative low and nonetheless leans bullish. Do not see setup but.”

The second window down from the highest is the SPX/TLT ratio. Markets all the time attempt to maintain in stability and, when out of stability, it can return to the norm. When the RSI for the SPX/TLT ratio trades above 70 (present studying is 82.10) the SPX was close to a short-term excessive. We circled in crimson on the SPX chart when the RSI of the SPX/TLT ratio was above 70. With a present RSI studying of 82.10 on the SPX/TLT ratio, the upside for SPX would appear restricted.  We’ve mentioned that there’s a risk that the Bearish Engulfing sample excessive of July 27 (4607.07) could also be examined earlier than a pullback begins, and that risk remains to be current.

Tim Ord,

Editor

www.ord-oracle.com. Guide launch “The Secret Science of Worth and Quantity” by Timothy Ord, purchase at www.Amazon.com.


Alerts are offered as basic data solely and will not be funding suggestions. You might be answerable for your personal funding selections. Previous efficiency doesn’t assure future efficiency. Opinions are based mostly on historic analysis and information believed dependable; there is no such thing as a assure outcomes will probably be worthwhile. Not answerable for errors or omissions. I’ll put money into the automobiles talked about above.

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