BPSPX Bullish Percent Index Daily Chart

The BPSPX topped at 79.4. A six percentage point reversal after a move upwards signals that the bears have taken over control. Thus, the bears need to see 73.4 and lower. In addition, once the 70% level fails, that seals the deal that the bears are well in charge and markets will be selling off in an extended pattern forward.  Of course, if the BPSPX continues upwards the bulls will keep the markets elevated. If the bulls push up over the old high at 79.4 the SPX will surely be on its way to 1500 plus. The 20-day MA is 77.43 so watch this level clsoely, an inflection point may occur today where either the bulls catapult higher once again, or, the bears take a stronger hold, with the pivot occurring off the 20-day MA.  Check the BPSPX each evening this week to see if there is any movement towards 73.4. 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.