Professor’s Comments August 27, 2019
Posted by OMS at August 27th, 2019
I don’t have lot of time this morning, so I’ll get right to it.
There were NO CHANGES to the market timing signals. The Tide and Dean’s List remain negative.
Monday’s 270-point rally in the Dow was likely part or all of a small retracement wave 4 of a five wave down sequence. This retracement wave should complete near the 26,100-26,150 level, before falling to 25,500 in wave 5 down. Ideally, the Dow should fall slightly below last Friday’s low of 25,507.
So, here’s the set-up: If the Dow opens higher today, I want to start getting short anywhere near 26,100 -26,150. I don’t expect the Dow to trade much above 26,150 in Wave 4. If this rally happens, I will buy a few more shares of DXD for the Model for a ride down to the 25,500 level, or lower. Below 25,500, there is a possibility the Dow will stage a small wave 2 up rally, so the Model will likely exit the DXD trade near 25,500.
Looking at the SPX, I plan to start short the index near the 2890 level.
Sector Ratio improved to 8-15 Negative.
I should be back at the trading desk later this afternoon for further updates.
h
Market Signals for
08-27-2019
DMI (DIA) | NEG |
DMI (QQQ) | NEG |
A/D OSC | |
DEANs LIST | NEG |
THE TIDE | NEG |
Index | Signal | Signal Date |
---|---|---|
DOW | NEG | 23 Aug 2019 |
NASDAQ | NEG | 30 Jul 2019 |
GOLD | POS | 23 Aug 2019 |
U.S. DOLLAR | NEU | 16 Aug 2019 |
BONDS | POS | 23 Aug 2019 |
CRUDE OIL | NEG | 22 Aug 2019 |
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Category: Professor's Comments