Friday, February 21, 2014

BPSPX Bullish Percent Daily Chart Market Buy Signal

The BPSPX performs a six-percentage point reversal which provides a market buy signal and the move above 70 confirms the buy signal, a double whammy of joy. The bears receive the sell signal in mid-January, and then the drop through 70% in late-January providing the double whammy of doom, now erased. The bulls are back in the driver's seat according to this tool but there are many mixed signals in the markets nowadays.

The bears will need to reverse the buy signal today or at least by tomorrow, otherwise, markets are heading far higher. Bears will need to pull the BPSPX back under 70 today and will need to move down to 64 and lower by early next week to receive a market sell signal again. For now, the BPSPX says the bulls are going to push equities higher. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

Note Added 4:12 AM on 2/22/14: The BPSPX finishes the week at 71.00. There is no doubt the bulls have both market buy signals in their favor. Bears got nothing unless they can push price under 70 then under 65 (71-6). The BPSPX signal says the bulls will push markets higher over the coming days.

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