Friday, February 16, 2024

Charts for Feb 16, 2024

SPX is right back at 5030. Here it gets very interesting, either push to new record highs, or fail to do so and take another downswing. What will it be? The first possibility would be very impressive, coming back so quickly after a big down day.

Market charts:

* 302 SPX stocks in bullish mode. Good uptick, but still a weak number for a market so close to record levels.< br/> * BullsPower at 39, BearsPower at 9. Bulls still have considerable fire power and it shows.< br/> * 290 stocks with upward MoM (dashed green line). Back above 50%, but not the more convincing 80% normally seen in healthy upswings.< br/> * The daily Watershed (dW) is at 4935.< br/>

* BMO goes down.< br/> * ELC goes down.< br/> * Repellor is at 4850 and could become an important next target.< br/>

* SPX Rotator is tentatively turning back up.< br/> * Market is back above of the Bands. As if no price is too high to pay.< br/>

* SwX is yellow - neutral.< br/> * Daily MoM goes down with bearish divergence.< br/> * Market is still inside that narrowing wedge between red and blue line. But that will inevitably end within the next days.< br/>

* Icebergs algo has had another bout of "gold on the mountain" + "lava".< br/> * But green mountain (bullish energy) is making a surprise drop below the critical 4 level. That's the weakest it has been so far this year and something to monitor.

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