Daily charts (you can click the charts for larger image):
SPX:
* 303 stocks in bullish mode. Another significant downtick. Red flag. * BullsPower at 44, BearsPower at 16. Bulls keep the upper hand, but Bears are mounting an effort. * Above both Watershed lines = continued bullish. The dW at 6310 is a first line of defense to watch.
* ELC turns down. This indicator has been wobbly at a high level for some time already. That's rarely a good sign. * THRUST turns down and paints a new bearish divergence. Adds another red flag. * The Repellor is at 6208. * This is a "bending but not breaking" situation, with increasing stress showing up in several indicators.
* Rotator turns back down. Both components are in decline. This has been a weak swing, as pointed out before. * The Bands keep rising steadily and trading stays in the upper band. That's one of the few remaining items of strength. Maybe it's enough, and the index will muddle through again, but I wouldn't take too much comfort in it.
* SwX stays yellow - neutral. We keep watching whether it goes on to red or gets back to green. * MoM turns down, with bearish divergence. * The green trend channels remain important. * The red line with possible wedge is severely tested as we speak. Still hanging on. Next support is just above 6200 if this red line gives way.
* Icebergs algo. * Another vulture appears above this shiny gold on the mountain. * That's another warning sign. Stay safe.
No comments:
Post a Comment