Daily SPX charts, shorter term (you can click the charts for larger image):
* 241 stocks in bullish mode. Minor downtick. Stays below 50% and also below the weekly bullish% (304). Better doubt this latest upswing as long as that remains the case * BullsPower at 36, BearsPower at 24. Bulls keep the upper hand, but their lead shrinks. * Another close above the dW at 6362. OK, so far. But follow through will be needed. The cushion is small.
* ELC goes down. * THRUST goes up. * The Repellor is at 6250, an important support level. * The BlueSnake is showing some weakness and is opening up space below the Repellor.
* Rotator goes down. But the leading green component is flattening out. * The Bands are rising, but visibly slowing down. * Another upswing is still possible. That requires a push into the upper Band, which we have not seen so far in August.
* SwX stays red- bearish. * MoM goes up. * The upper green trend channel keeps working like a Swiss clock. The next major event will be when this 3 month channel is abandoned.
* Iceberg algo. * Green mountain drops to zero and we may get open ocean (dead in the water) soon. * You wouldn't tell from the index, which came close to new records again. * But the iceberg algo sometimes picks up on less obvious factors. * If the weather (orange or blue sky color) turns cold too, then we better watch out below.
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