Friday, October 27, 2023

Charts Oct 27, 2023

SPX dropped to 4137. A few indicators are turning up, or deep in their bottom zone. It could be enough to turn the index up for a bit of rally, but I can't guarantee.

Market situation:

* 83 SPX stocks in bullish mode = another uptick, but stays below 20%.
* BullsPower at 5, BearsPower at 41.
* 137 stocks with upward MoM (green dashed line). Back above 100. This is usually a first sign that a rebound rally is setting up.
* The dW is at 4349 and rapidly declining towards the wW.
* It would take a 75 point jump today to close the week above the wW. You can see how quickly things deteriorate since the wW was broken.

* BMO is in the -2 bottom zone, but not turning up yet.
* ELC is going down and may fall below its early Oct low.
* BUD stays weak.

* SPX Rotator goes down, with both components declining.
* Bands are in an accelerating decline.
* The only positive is that this latest swing stays within the Bands, but that could already change today.

* SwX is red - bearish.
* Daily MoM keeps going down. You can see there was no fun to be had since it topped out in the -3 to +3 neutral zone.
* The blue channel is becoming hard to defend. Which means we may need to start considering the steeper light green channel.
* But the 4140 area has been tough resistance in April-May, and also in February. So I would expect some serious support at this level. If not then all bets will be off.

* Icebergs algo update. All green mountain has disappeared, leaving a weak "island". That's bearish unless green mountain reappears soon.
* The sky stays cold (blue) and the situation is dead in the water.
* An article (in need of another update) explaining the Icebergs charts is here:

No comments:

Post a Comment