Daily charts, shorter term (you can click the charts for larger image):
SPX:
* 233 stocks in bullish mode. Uptick, but staying below 50%. * BullsPower at 38, BearsPower at 23. Bulls keep the upper hand, but their lead is shrinking gradually. * Market briefly ventured above the dW at 6348, but couldn't stay there. That's a failed breakout as far as this Watershed lines go. * Thus we remain in the neutral zone between dW and wW.
* ELC goes down. * THRUST turns up, be it very tentatively. This was a very minor downward thrust move up to now. * The Repellor is at 6236, an important support level.
* Rotator goes down. Both components are weakening. Waiting for the leading green component to turn back up. * The Bands are rising, but at a slowing roc. * If the Bands turn down we will have to consider more bearish scenarios.
* SwX stays red- bearish. * MoM goes down, with bearish divergence, but is flattening out just above the zero line. * The upper green trend channel remains the one to watch. 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 weakens again and could drop to zero for the first time in months.
