Daily charts (you can click the charts for larger image):
SPX:
* 344 stocks in bullish mode. Another downtick and only just staying above the weekly bullish%(343). * BullsPower at 45, BearsPower at 12. Bulls keep the upper hand, but Bears are veering up a bit. * Above both Watershed lines = continued bullish. The dW at 6287 is a first line of defense to watch.
* ELC goes up. * THRUST goes up. But risks painting a bearish divergence. * The Repellor is at 6190. * Price action stays in the upper levels of BlueSnake = continuing rally.
* Rotator goes up. Both components are rising. But this latest swing is a rather tired move so far. * The Bands keep rising steadily. * Trading sticks to the upper band = bullish. * Painless trading for about two months already. When trading becomes painless it's ready to become painful. The question is always: when? * Usually a move like this frustrates every bear out there before you see a meaningful correction. That's in the nature of the stock market beast.
* SwX stays yellow - neutral. We keep watching whether it goes on to red or gets back to green. * MoM goes up. * The green trend channel stays solid as rock. And the red line makes for a possible wedge. * Prices have been right in the middle of that wedge for almost two weeks. Trading doesn't get any easier, which is dangerous.
* Icebergs algo. * Green mountain is at a healthy +4 level. * Lava makes its second appearance since the start of this rally in April. Note that the lava is at a visibly lower level compared to June. That is also a type of bearish divergence. A similar situation happened in December - January. * Lava usually appears near tops, but can happen for days in a row. So it's never an instant sell signal. * Icebergs charts are not a day-trading tool, but a visual representation of the overall situation. Always keep that in mind.
No comments:
Post a Comment