Charts for July 17, 2025

Charts of the day. (you can click the charts for larger image)

SPX:

* 271 stocks in bullish mode. Another downtick and at risk of falling below 50%, which would be increasingly bearish. * BullsPower at 42, BearsPower at 10. Bulls keep the upper hand. * Above both Watershed lines = bullish. The dW at 6165 is on watch for a possible test. * Note that the top of the Envelope is at 6405. That would be the next upside target if the continued bull run scenario prevails.

* ELC turns down for the first time since April. This is a very high peak and usually the market tops out on an ELC bearish divergence. That suggests there is a higher high yet to come, but there can be a significant correction first. * THRUST going down. Here we watch if it can bottom out near the zero line or not. *  Thrust has not been below zero since the April lows. * The Repellor is at 6103. * BlueSnake is flattening out and increasingly likely to turn down.

* Rotator goes down. Both components are weakening. The red component may have marked a significant market top, as it often does * The Bands keep rising. * Trading dipped out of the upper band, but closed back inside. That's a surprisingly strong reaction.

* 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) was tested and prices bounced back. That's a short term positive. A second retest of the 6200 may not go as well, so we have to keep watching that level.

* As special chart of the day we have Regeneron REGN. * Biotech has been unloved for quite some time and this stock has been in a severe bear market. * We see "dark clouds" have appeared since March. This is a new addition to our Icebergs charts. * Dark clouds appear when a stock or index has become seriously depressed, usually after a significant decline, or a prolonged period of price erosion. * As long as you stick you healthy companies that are not at the verge of bankruptcy you can use dark clouds to pick up the stock on weakness. I prefer to grab it close to the bottom of the Envelope, which is not the case right now. So be patient and ready. Last April was an example of  dark clouds + bottom of Envelope. * This is just another way how we use the Icebergs charts to identify special situations and rare opportunities.