Thursday Sept 5, 2024
Techs rallied, all other indexes fell
The advance decline line for the NYSE is flattening it is our most reliable indicator.
The percent of NASD stocks over their
50 day MA is 41.6
SPX
150 day MA 67.2
200 day Ma 714.2
All are rapidly falling
NASD McClellan Oscillator has fallen to -20.5. NASD summation index is about to go negative at 7.73.
NYSE McClellan Osc is -14.25 and falling
NYSE McClellan Summation is peaking now.
Bear Funds - all are now on a buy signal from Parabolic Stop and Reverse
Hedge HDGE has moved above its 3 exponential averages.
PSQ NASD short has done the same
SH Short SPX also
BEARX Prudent Bear the same BEARX is a mutual fund suitable for most 401Ks restricted to funds only
This fund seems to reflect the opposite of the SPX so it is broad based.
I strongly suggest obtaining the latest Elliott Wave Financial Forecast Sept 2024 an dmore important teh combined EWFF and Theorist for September.
Both reports take a very long look at markets including Fibonacci relations from 1982 and 1932. Amazingly the calendar for the month of Sept 1929 and Sept 2024 are the same,each starts with Sunday on the first of the month. % of Household assets in stocks is the highest since 1953. Let me repeat another warning.
Tell them Dennis Elam sent you!
https://www.elliottwave.com/investors/financial-forecast-service/
If your Certified Financial Planner CFP began his or her career at the start of this bull market in 1982 at age 25, he or she is now 67, retirement age. That means he or she never endured the 8 year stagnation from 1966-1982 or the 50$ collapse of 1973-74. The DJIA never bettered the 1966 or 1972/3 tops until past 1982. The brief bear markets we have had 2000-2002, 2007-09, and Covid quickly recovered. So with more money in stocks than ever and no memory of a sustained bear market, we are set for advisers to tell clients not to worry when they should be selling. Hmm, someone already is selling judging by the stats cited here today.
Silver rallied today up 54 cents or 1.9%. I believe the low is in. Silver should finally take out $30 resistance and rise from there.
Crude oil closed up but has really been hammered, let's watch this next week.
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