Monday, April 28, 2014

BPSPX Bullish Percent Index Daily Chart Remains on Market Sell Signal

The saga with the BPSPX continues with the market sell signal remaining in place. The six percentage-point reversals are key and so is the 70% level. In January, the bears receive the six-point drop to receive a market sell signal and then in late January the double whammy sell signal when price lost 70. The bulls create a bottom in February receiving the market buy signal mid-month then the double whammy buy signal which sent equities higher.

In late March the markets top out again and in early April the BPSPX performs the six-point reversal and loses the 70 level, both about the same time receiving the double whammy market sell signal which remains in place. Bulls create a bottom at 65 so the six-point reversal is 71. Therefore, 70 is more important where a market buy signal would occur and the double whammy buy signal is 71. Bears are fine and the market sell signal remains in effect as long as 70+ does not print. 
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.

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