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Each candle on the first chartgrid of the /ES, /YM and /NQ Emini Futures Indices and RUT Index represents a period of one year. (Note that I would have shown the /RTY Emini Futures, but it only had 3 years’ of data, so I’ve shown the RUT instead).
The horizontal white line that cuts through each candle is a one-period moving average (H+L+C). Friday’s closing price on the current year’s candle is above this moving average. They are also above the moving average on both 2018 and 2017 candles.
My goal in writing this article was to keep it as simple as possible — not an easy task for me as I’d love to delve deep into the minutiae of analyzing a whole slew of my charts, data, and information I’ve assembled over months and, even years — but, for your sake and the sake of reaching a coherent conclusion and forecast for the fourth quarter of 2019, I’ve had to, considerably, whittle down my presentation. So, while looking through my superpower lenses, here goes…
How about that…since I wrote my post of January 23, GOLD Futures (GC) finally hit just above its target price of 1550 on August 26…and it carried on to make a 2019 high of 1566.20 on September 4, for a gain of 21.58% from that date.
The moving average Golden Cross, that had just formed a couple of days prior to that, held, price retested the 200 MA (which is normal after these form), and the formation is still in play, as shown on the following daily chart of GC.