BPSPX Bullish Percent Daily Chart

When the BPSPX reverses by six percentage points, that verifies the market move in that new respective direction. The 30 and 70 levels are important as well that add street cred to moves.  The BPSPX has been wandering in the desert lately between the 30 and 70 levels, remaining on the bull side.  Now that market selling has entered the picture, the BPSPX is drifting lower. The recent peak was at 61.20.  Thus, 61.20-6 = 55.20.  If the BPSPX drops under 55, that would seal the deal on the market down move and provide the market bears with strong street cred.  If the BPSPX bounces and does not fall under 55 (note how the move down in early July recovered), the bulls will be back in business cranking up the upside party once again. Use the BPSPX as a confirmation signal for market direction. Watch it closely over the next couple days. 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.