Short-term support is now broken and the Cycle Bottom support at Head & Shoulders neckline are likely to be in play. SPX is on a confirmed sell signal. Today’s action may match that of September 9. Be on the lookout for a break of the neckline near 2130.00.

VIX has overcome the 50-day Moving Average, giving a buy (SPX sell) signal. This is now official, so take appropriate action.

The NYSE Hi-Lo is also on a sell, giving us a trifecta of sell signals for stocks. The Hi-Lo is subject to a close beneath its mid-cycle support at 53.03, but the supporting signals are all on a sell, so make your decisions accordingly.

Gold is up to 1346.05, but may not have exceeded Thursday’s high at 1347.50.

USD is down, but hasn’t yet broken beneath Thursday’s low. There appears to be a direct inverse relationship between Gold and USD. Keep an eye on them as you can.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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