Charts for July 21, 2025

Weekly charts update (long term setup):

SPX:

* ELC goes up and THRUST goes down. That's tricky, but after a high thrust move you do not necessarily get a quick or big correction. * Weekly Repellor ( 5811). Support. * BUD indicator is giving its bullish crossover. This is the slowest of this trio and confirms a longer term up move is underway, but we don't know for how long. You can see the previous occasions in the chart (circled in orange). What you don't want to see now is a quick peak and bearish crossover, as that would not bode well.

* Weekly SwX is green – bullish. * MoM goes up, but slows down a bit. * The red channel is the main long term channel to watch. * The overhead green trendline, connecting the peaks of the recent years, has not had another touch yet. That may or may not happen soon, but it's something to watch out for.

Bonds TLT:

* SwX stays red- bearish. * MoM goes up with bullish divergence. Needs urgent follow through to avoid turning back down. * A breakout above the red line remains the missing element to become more confidently bullish here. But it would be a very nice two year base at the 85 level if the next move is to the upside.

Weekly Gold:

* SwX is red – bearish. * Weekly MoM goes down. * Still in a sideways consolidation. * We have to watch when and where MoM bottoms out.

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Daily SPX charts (you can click the charts for larger image):

* 286 stocks in bullish mode. Unchanged and staying below the weekly bullish%(333), which is a concern. Be wary of new highs that come on weak participation. * BullsPower at 44, BearsPower at 10. Bulls keep the upper hand. * Above both Watershed lines = bullish. The dW at 6196 is on watch for a possible test.

* ELC goes down. * But THRUST tentatively turns up. *  Mixed messages. In that situation it's usually the quicker indicator, THRUST, that gives the shorter term direction. * The Repellor is at 6124. * BlueSnake is more or less sideways.

* Rotator goes down. Both components are weakening. * The Bands keep rising. * Trading keeps to the upper band. Bullish for the time being.

* 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, but is flattening out. * The 6200 level (blue line) remains the first support line to watch on pullbacks. * So, the setup iss getting trickier with several indicators weak or topping out. Not a big deal as long as prices stay in the steep green uptrend channel here. But that can come to an end suddenly.