The State of the Trend

By: George Krum | Sun, Sep 7, 2014
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Last November we published this chart which pointed to a measured move upside target of 2003 for the SPX. After hovering around this number since the end of August, the index finally managed to close above it on Friday:

SPX Chart
Larger Image

While the SPX needs to spend more than a few hours above 2003 to confirm the breakout, we will use 2003 as our bullish/bearish fulcrum going forward. The hourly chart shows another megaphone pattern in the making with an upside target of 2018, while the weekly upside swing target is 2036:

SPX Chart 2
Charts courtesy of OT Signals

In summary, the trend for the SP500 remains up in all three time frames (daily, weekly and monthly). The automatic angle drawing tool in OT Signals makes it easier than ever to keep track of short and long term trend changes.

Gold and silver remain in a downtrend with silver sitting right on support dating back to 2013. As far as retracements go, $17.87 is the last technical retracement level that separates SLV from a retest of the 2008 lows:

Silver Chart

 


 

George Krum

Author: George Krum

George Krum
www.citdates.blogspot.com

George Krum is the author of the "CIT Dates" blog, and the following apps:

OddsTrader - combines the power of Hurst Channels with proper risk and position size management. For a web version see OT Signals below.

Gann 9 - the only financial app that allows users to effortlessly apply the legendary W.D. Gann's tools and methods for trading (including the Square of 9).

OT Trend - helps you quantify and forecast the seemingly random ebb and flow of stock, index or mutual fund movement.

OT Fibonacci - automates the process of applying Fibonacci numbers, ratios and time series to any security.

OT Seasonal - allows you to perform seasonal analysis on practically any security from around the world, and to build long-term forecasts and models.

OT Pairs - pairs trading, one of the most successful hedge fund trading strategies, is now available on your smart phone.

OT Pivots - combines the power of pivot lines with cycles to provide you with concise technical analysis and powerful trading signals.

OT Signals - a web app accessible from any browser, tablet or pc. It gives buy/sell/hold ratings for any instrument from around the world, and defines the trend and support/resistance levels.

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