* BullsPower at 9, BearsPower at 29. BearsPower is far from counted out at this point.
* 310 stocks with upward MoM (green dashed line). Down again and may drop below 50%.
* Market stays in the neutral semi-envelope. Watching the dW at 4307 for support.
* ELC and BUD stay bullish.
* Closed back below the Repellor (4355), but not by much. Snake is catching up on prices and that means another push higher could suddenly come out of nowhere.
* Market fell back within the Bands. Textbook price action after a strong surge.
* Daily MoM is climbing and above + 6 already.
* The 4400 hurdle appears to have stopped the advance. We now have to see how much of a pullback this brings.
* When a move to new record highs has started, then any pullback early in that move can be surprisingly brief, as brief as one or two days, and then buyers step in... It’s too early to conclude already that’s what we have here, but better be ready for such a scenario.
* On a solid move above 4400 the road to new all time highs would be wide open.
* If on the other hand the recent October low gets taken out then the picture would become very ugly. This is what I call the “market decision tree” and this is something to have in the back of your mind in situations like this one.
* This algo is usually not the fastest, but it gives a kind of market image that other chart types do not give. More visual people tend to like it, others may consider it garbage. Both are OK.