Daily charts (you can click the charts for larger image):
SPX:
* 246 stocks in bullish mode. Another big downtick and falling below 50%. * BullsPower at 42, BearsPower at 20. It's too early to tell if there will be a bearish takeover. The last bearish takeover was in late February and we know what happened. * We have a test of the dW at 6319. Closed above, but not by much.
* ELC goes down. * THRUST goes down with bearish divergence. Ongoing red flag. * The Repellor is at 6215. Watch that level if the downturn gets worse. It can go quick after a rally like this and with so many indicators looking weak. * BUD2 may soon give its bearish crossover. The last time all 3 indicators pointed down was in late February at the start of the bear market.
* Rotator goes back down. Both components are weakening. * The Bands keep rising steadily, but trading is now falling out of the upper band. There is another 300 points of downside within the Bands, so stay safe.
* SwX turns red- bearish. Adds another red flag. * MoM goes down, with bearish divergence. * The green trend channels remain important. * The red line with possible wedge is given up and can be forgotten now. The support just above 6200 is becoming the next focus from a trendlines pov.
* Icebergs algo. * Lava and gold on the mountain have stopped. The vultures are gone. * Green mountain is still above the +4 threshold, but only barely so. * 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 (and not by a little bit).
