BPSPX Bullish Percent Daily Chart

BPSPX bullish percent index daily chart shows the bullish reversal over the last few days. When a six percentage point reversal occurs from a top, or a bottom, that is a signal that the move in that direction should continue. This move now is similar to the bullish reversal that occurred in March. In May, you see the bearish reversal, that once six percentage points to the downside was achieved the move continued lower forecasting trouble for the markets, which indeed did occur. Once the 70% level failed, another key indication for this chart, then the bears were in clover and enjoyed the ride down in the indexes.

Now it is the bulls turn again. Bears cannot wrestle back control until the BPSPX reverses six percentage points to the downside again. Also, if the BPSPX regains the 70% level, that is another feather in the bulls cap paving the way for more upside, so watch this level with great interest over the next few days. Failing to regain 70% will embolden the market bears again. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.

Note Added 7/2/11:  BPSPX closed the week at 68.80 so the 70% level may provide a temporary resistance ceiling for the move up, thus, the broad markets should pause as well, to rest, consolidate, and regroup for further upside.  If BPSPX shoots up thru 70% on 7/5/11 when markets reopen, then the indexes will continue to run higher on the momo the last few days, otherwise, a pull back and consolidation period is in order if the BPSPX 70% resistance holds. BPSPX moved up almost 9 points from the bottom a few days ago, easily supassing the six percentage point reversal and signalling that the bulls are back in business for now, moving forward.