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Thursday July 20th, 2017


SPX, Technicals Model, SPX A-D at ATH

VIX without direction

Oil made new July high as predicted

Markets were quiet today, so my trading signals which turned BULLISH on 7/12/2017 continue to be BULLISH. SPX looks to be in a W5 higher (likely 2 of 5), making new All time Highs earlier in the day along with its A-D line, and not to mention my Cumulative Technicals Model. This is after a string of 7 real and 10 total Hindenburg Omens since late May. Be careful this run-up as it may be the last before a BIG turn lower. I say this as my proprietary Technicals Model made its 8th negative divergence vs. SPX since mid-April, and the first one of its kind since 3 positive divergences since late June. VIX is on an hourly SELL MACD signal with little direction due to a very low ADX.

Internals, Breadth and Participation have come back to life as one would expect, only well well off their peaks. This gravy train WILL NOT go on forever. Yield curve starting to turn lower, as deflation risks come back to the table after a several week reprieve. Oil's new July high occured today as expected, expect a little weakness before a new Oil July high.

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Disclosure: I am/we are short SPY.