Charts for Aug 4, 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 ( 5858). Support. * The market appears to be coming back inside the narrow range of the BlueSnake, given by the blue lines, which is where most price action happens. Going and staying outside the dashed lines is rather unusual.

* Weekly SwX turns yellow - neutral. * MoM turns down, putting on a next bearish divergence. * A weakening picture, so it's better to be patient and see where the chips fall here. * The red channel is the main long term channel to watch. * The overhead green trendline was tested and we got a predictable reaction to the downside, as that line is probably widely watched.

Bonds TLT:

* SwX turns green - bullish. * MoM goes up with bullish divergence. * That means we got the urgent follow through that was asked for. * A breakout above the red line remains the only missing element to become more confidently bullish here. * If the bullish setup prevails, then this is a very nice two year base at 85 to work from.

Weekly Gold:

* SwX is red – bearish. * Weekly MoM goes down. * Still in a sideways consolidation, which is the most bullish way to work off an overbought condition * We have to watch when and where MoM bottoms out next.

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Daily charts, shorter term (you can click the charts for larger image):

SPX:

* 210 stocks in bullish mode. Another big downtick. * BullsPower at 38.5, BearsPower at 24.5. It's too early to tell if there will be a bearish takeover. But the Bears are growing stronger. * The market gapped below the dW at 6322. * So, we are in a new situation, between both Watershed lines (the WW is at 6083), and that's the neutral zone, the purgatory between fully bullish and fully bearish.

* ELC goes down. * THRUST goes down with bearish divergence. * BUD2 is giving the bearish crossover we talked about last week. * So all 3 indicators in this chart point down now, and that's the same setup we had right after the peak in February. * The Repellor is at 6216 and got a test already. Nothing is seriously broken yet, but this is an important level to watch this week.

* Rotator goes down. Both components are weakening quite rapidly. * The Bands are still rising. But the market closed right in the middle of the Bands for the first time since April, and another 200 points of quick downside are available here.

* SwX is red- bearish. * MoM  goes down, with bearish divergence. * The green trend channel and the blue line are being tested at the same time. Just above 6200, a critical support level we have been pointing to for weeks. * So, now it's all about observing what happens at this point. A rebound? Or will that support give way for a bigger decline? * As long as we see so many indicators point down, often with bearish divergences, I am leaning towards a bigger correction. If MoM and other oscillators turn back up, then that danger would recede.

* Icebergs algo. * Green mountain falls below the +4 threshold. * Worsening situation and the bottom of the Envelope (currently near 6100) has to be watched for a possible visit, because the most recent upswing failed to reached the top of the Envelope by a wide margin.