Charts of the day.
SPX:
* 352 stocks in bullish mode. Another small downtick and at risk of dropping below the weekly bullish% (332), which would be bearish. * BullsPower at 45, BearsPower at 8. Bulls keep the upper hand. * Above both Watershed lines = bullish. The dW at 6135 is an important first line of defense. * The number of pP signals falls back, but remains quite elevated. Maybe this move is not done yet.
* ELC goes up with THRUST going down.* Thrust has not been below zero since the April lows. * The Repellor is at 6085. * BlueSnake is still pushing higher, but not as vigorously. Wouldn't take much to turn it down.
* Rotator goes down, mainly because of green component weakness. * The Bands keep rising. * Trading stays in the upper range of the Bands.
* SwX stays yellow - neutral. The important point to watch here is whether it goes on to red or gets back to green. * MoM goes down. * The 6200 level (blue line) is support to watch. If it breaks then I expect to see a more severe downside reaction. That's when the green parallel lines would get into the game.
* As special chart of the day I have taken this weekly Bitcoin chart where the upper ceiling line near 120k got a test. * SwX has turned green and MoM goes back up. That bodes well for the time being. But the wide bearish divergences have not been erased yet. * We have two multi-year trendlines (red and blue) that are converging towards the end of this year. So we will see a significant break-out or a break-down and that will not go unnoticed. Be ready. * My article from Nov 2024 on this topic is still a useful read: https://lunatictrader.com/2024/11/14/next-bitcoin-targets/
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