Friday, September 15, 2023

Charts Sep 15

Nice up day in the SPX, enough to turn MoM indicator back up. This might be the end of the recent choppy conditions, but there are several hurdles that remain to be cleared, as you can see in the charts. A lot of indicators are right at a do or die point, so it can be prudent to wait for more confirmation. Sideways neutral conditions also have a tendency to continue longer than one normally imagines.

Market situation:

* 208 SPX stocks in bullish mode = big uptick. More needed to get above the weekly bullish% (blue line)
* BullsPower at 18, BearsPower at 20. Still a tug of war.
* 267 stocks with upward MoM (green dashed line). Back above 50%.
* An exact touch to the daily Watershed (dW) at 4512. Can we get a move above it?

* BMO turns up, but it's tentative.
* ELC stays in a slow erosion just above zero.
* On the plus side, the Repellor (4457) was tested several times this week and appears to have held.

* SPX Rotator turns up.
* Both red and green component turn up as well.
* If the move is for real they should gain more traction in the next days.
* Bands are almost flat and may also turn up.

* SwX stays red bearish and.
* Daily MoM is turning up near the zero line. This is a bullish continuation, but not immune for failure yet.
* The blue narrow trend channel has prevailed, but more overhead resistance between 4500-4540 will need to be cleared if this upswing is to have any legs.

* Icebergs algo stays "dead in the water". More is needed to convince this algo that bullishness is back in town.

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