The SPY is looking great now, we’re back over the 8 ema in an uptrend and as long as we’re over these moving averages there isn’t much to be concerned with. This week we’re getting some economic data finally despite the government shutdown and the first megacap, Tesla, reports tomorrow. If we can get through the next 2 weeks and the megacaps which comprise 40% of the market can hold up, we should have a smooth end to the year assuming Trump doesn’t get too crazy with tariffs on China on November 1st but if history is any indication he won’t.
GLD is the one to keep your eye on, gold has been such a monster this year but this may close below the 8 ema today for the first time in 2 months. That is your first warning sign to be careful or lock in some gains, the 21 ema right below is where you cut the trade on a close below. Don’t give back gains trying to be a hero, gold has been a great trade all year, and yes the dollar will go down forever so this will be fine, but once the technicals break, its time to move aside, they haven’t yet but be mindful should they.
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