BPSPX Bullish Percent Daily Chart

When the BPSPX chart moves above the 70% level and heads higher the market bulls are throwing confetti.  The BPSPX confirms a broad market turn when price loses six percentage points and then when price would lose the 70% level which provides a double whammy of trouble for the broad indexes.

For now, price ventured up over 85 and is only experiencing a blip of a pull back; the market bulls are sitting back with their feet on the desk smoking cigars, even the women.  The bulls are complacent these days without any fear of markets falling and this chart is one more example of the bulls maintaining control. For the market bears to make noise, they need to move price down to 85.4 - 6 = 79.4 and lower.  If the low 79's are hit and a 78 handle, the bulls will no longer be jolly.  In fact worry would appear on their brows. If the 70% level is then lost, the bulls would be running for cover since the bears will be beating them at that point.  Currently, however, the bulls are in control of the markets and they will continue to try to push the BPSPX upwards, or, at a minimum, keep it elevated above 79.4.  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.