Daily charts, shorter term (you can click the charts for larger image):
SPX:
* 223 stocks in bullish mode. Minor downtick. * BullsPower at 40, BearsPower at 22. Bulls keep the upper hand. No bearish takeover yet. * Closed a few points above the dW at 6342, that leans towards a bullish continuation, but when it's so close it needs to be confirmed the next day(s).
* ELC goes down. * THRUST goes down with bearish divergence, but is flattening out just below the zero line. If it turns back up then another upswing becomes the base scenario. * The Repellor is at 6231 and is to be considered an important support level.
* Rotator goes down. Both components keep weakening. The leading green component typically turns up first, so let's see what goes. * The Bands are still rising, but at a slowing roc. * If the Bands turn down it would become a more dangerous situation.
* SwX stays red- bearish. * MoM goes down, with bearish divergence, but is flattening out just above the zero line. * 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. There is room for a move to 6600+ within this 3 month channel.
* Icebergs algo. * Green mountain recovers a little bit. More is needed to get back to the healthy + 4 zone. * The top of the Envelope is closing in on 6600, so that would become the next target in a continued bull run scenario. * Bottom of the Envelope is at 6127.
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