Friday, October 13, 2023

Charts Oct 13, 2023

SPX is sputtering after 5 days of advances. That's pretty normal at this point, but how does it continue? In our charts we see that there are still several hurdles to take before we can trust this rally more. A move above 4600 would of course take away all doubts whether the bull market is still on. Things are happening between 4200 and 4400 at the moment and how the market comes out of that range will be quite crucial.

Market situation:

* 193 SPX stocks in bullish mode = downtick. Needs to get above 50% to become properly bullish.
* BullsPower at 9, BearsPower at 35. BearsPower keeps the upper hand.
* 403 stocks with upward MoM (green dashed line). Down a bit, stays just above 80%.
* The dW at 4411 is within reach. A move above it would be significant.
* Market stays in the narrow semi-envelope, but could turn more acutely bearish again on a move below 4340

* BMO keeps going up and appears headed for the +2 peak zone.
* ELC is going up.
* Repellor line at 4405 is an upside target to watch.

* SPX Rotator is going up.
* Both the red and green components are gathering some steam.
* Bands are not slowing down yet, much less bottom out. Keeping an eye on that.

* SwX is yellow - neutral.
* Daily MoM is back above zero. If the recent move was just a dead cat bounce then you would expect MoM to flatten and peak out near zero.
* Trendlines are not in play at the moment.

* Icebergs chart shows green mountain returning in the recent days. That's a plus, but it needs to get and stay above 4 to be more convincingly bullish.

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