Friday, May 17, 2024

Charts for May 17, 2024

SPX is pausing near 5300. Some indicators start peaking out (see charts below) and we have a high number of pP signals (but that could go even higher before it drops lower). That's a reason for extra caution at this point.

Market charts:

* 350 SPX stocks in bullish mode. Small uptick.
* BullsPower at 31, BearsPower at 15. Bulls stay in command.
* The daily Watershed (dW) is at 5208 and the market stays above the semi-envelope, which is more acutely bullish.
* The number of pP signals is at 162. Stays in the +150 zone, where important peaks tend to be made. We have to wait until this measure comes back down.

* BMO turns down in the +2 peak zone. This is usually the first indicator to peak out after a rally. It's a kind of early warning sign.
* ELC is going up and the slower BUD is coming close to a bullish crossover.
* Repellor line is at 5138 and climbing.

* SPX Rotator goes up with both components rising at a solid pace.
* Bands are going up.
* The market is too far above the Bands (>5211) , which comes with a heightened risk for a sudden pullback.

* SwX is green - bullish.
* Daily MoM keeps going up and is in the +8 peak zone now.
* Red channel is still going strong, and there is room to climb to 5400+

* Icebergs algo is showing "gold in the water". That's risky unless green mountain appears soon.
* There is also danger that an "iceberg" could be painted here.
* More info about what you can see in the icebergs charts is here:

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