Daily charts (you can click the charts for larger image):
SPX:
* 336 stocks in bullish mode. Solid uptick and back above the weekly bullish%(333). That removes the red flag for the time being. * BullsPower at 463, BearsPower at 9. Bulls keep the upper hand with a very handsome lead. * Above both Watershed lines = bullish. The dW at 6225 is a first line of defense.
* ELC goes up. * THRUST goes up. But at risk of painting a bearish divergence * BUD2 is also weakening gradually and may go for a bearish crossover. * Still not a healthy setup. But the slow grind upwards keeps going and that is sure to frustrate bears. * The Repellor is at 6143. * BlueSnake is more or less sideways. Muddle through mode.
* Rotator turns back up. * The Bands keep rising. * Trading keeps to the upper band. Bullish for the time being. * On it goes. * Painless trading for about two months already. When trading becomes painless it's ready to become painful. The question is always: when?
* 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. * It has taken 3 weeks to gain another 30 points above the July 3 close. That's underwhelming. * But such a persistent refusal to go down is something to take note of. That typically leads to either an acceleration to the upside, or to a sudden sharp pullback with no warning.
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