Daily charts, shorter term (you can click the charts for larger image):
SPX:
* 228 stocks in bullish mode. Minor uptick and still below 50%. * BullsPower at 40, BearsPower at 20.5. Bulls keep the upper hand. No bearish takeover yet. * There was another test of the dW at 6335, but prices were again rejected to the downside. * This is the overhead resistance that needs to be cracked to get out of the neutral zone between the Watershed lines.
* ELC goes down. * THRUST goes down with bearish divergence and is below the zero line. We now watch how much downward thrust develops. * The Repellor is at 6225 and is to be considered an important support level. Price action has stayed above the Repellor since April.
* Rotator goes down. Both components keep weakening. The leading green component typically turns up first, so that's what we wait for here * The Bands are still rising, but at a slowing roc. * If the Bands turn down it would become a more dangerous situation. You can see recent examples in the chart.
* SwX stays red- bearish. * MoM goes down, with bearish divergence. * The upper green trend channel is the one to watch right now. As long as that channel holds we can't rule out another quick push to new record highs. * If the support just above 6200 gives way, then such a quick push to new records would become a more remote possibility.
* Icebergs algo. * Green mountain keeps falling away and could go to zero soon. * You can see the similarity with the peak in Dec-Feb. The main difference is that the "weather" background color is still warm (orange), where 8 months ago cold (blue) had already set in well before the main decline started. * This are small details , but Icebergs charts pack a lot of different factors into one picture. * As long as the background color stays orange there is no reason for panic. If it turns cold blue, then it would point to further deterioration.
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