Friday, December 22, 2023

Charts for Dec 22, 2023

A bit of a rebound in SPX. But that could be a bull trap. More indicators are starting to look down. Not a time to be bold. Year end trading is always a bit tricky.

Market charts:

* 417 SPX stocks in bullish mode. Small downtick but stays above 80% and above the weekly bullish%.
* BullsPower at 52, BearsPower at 4.
* Number of pP signals jumps to 358. Remains very elevated.
* Market stays above the Envelope.

* BMO goess down with a bearish divergence.
* ELC and BUD stay bullish.
* Repellor is at 4578.

* SPX Rotator turns down.
* The red component is still climbing but flattening out.
* Market is back within the Bands.

* SwX is green - bullish.
* Daily MoM still goes up a little bit. Will probably turn down today.
* The steepest trendline (green) is still alive. But it's obviously unsustainable in the longer term. Once this line gives way a pretty strong downward reaction could be seen.

* Icebergs algo show gold on the mountain + lava. This indicates the market is red hot and a significant peak is in the making. But this can go on for a while, just like it did in June-July. A proper downturn may not start until the lava (red) disappears.

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