Charts of the day. (you can click the charts for larger image)
SPX:
* 285 stocks in bullish mode. Solid uptick. * BullsPower at 44, BearsPower at 9. Bulls keep the upper hand. * Above both Watershed lines = bullish. The dW at 6181 is on watch for a possible test. * Despite weakening in several indicators the market has gone sideways. So a quick push to the top of the Envelope (6420) is still a viable scenario.
* ELC goes down. * But THRUST is flattening out and may turn back up today. * Mixed messages. In that situation it's usually the quicker indicator, THRUST, that gives the near term direction. * The Repellor is at 6114. * BlueSnake turns down.
* Rotator goes down. Both components are weakening. * The Bands keep rising. * Trading keeps to the upper band. Bullish as long as that stays the case.
* 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) remains the first support line to watch on pullbacks.
* Icebergs algo. * Green mountain continues to get weaker since we had vultures and gold on the mountain in the first week of the month. * So, here we have to see if things can pick up steam again.
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