The S+P Freight Train (SPY, GDXJ)
I know, I know. Never stand in front of a freight train. You’re right. And being short two S&P 500 contracts is, well, wrong! This first chart is the SP-500 daily.
By the way, the sentiment data from Investor’s Intelligence is just in and it shows that the bullish % has backed off a couple % to 55.6%. All in all, I continue to believe the stock market is in for a dousy of a correction, but probably not until the True Strength Index (TSI) indicator says it’s time. Money Flow is trying to stage a comeback and we’ll see how long that lasts.
Click on any chart to ENLARGE
Another look at the freight train, this time from the vantage point of the /ES continuous SP-500 contract. I think it is completely fair to say that I entirely miscalculated my timing on taking a short position. Oh boy, and it is costing me, too. LOL Anyway, there appears to be enough momentum in progress that barring some engineer screaming on the brakes, this thing could float along, drifting higher for a couple weeks. Darn it.
My TSI Trading record has been updated.
The TSI Trader is a website dedicated to the deployment of the True Strength Index (TSI) indicator for buy and sell signals related to gold’s secular bull market. The TSI indicator is freely available at FreeStockCharts.