BPSPX Bullish Percent Index Remains on Market Sell Signal -- Barely

The BPSPX was highlighted a couple days ago where the bulls need the six percentage point reversal to receive the market buy signal. Price is parked at 67.80 directly at the bull-bear demarcation line. Check the chart on Tuesday evening to see who wins. If bulls push only a smidge higher a market buy signal occurs, and if price pushes up through 70%, the SPX all-time highs at 1848-1851 will be in the rear view mirror on the way far higher to 1880. The bears must hold the line here and spank the BPSPX lower from the get-go next week, otherwise, the increasing bullish signals, like the BPSPX, and prices moving above key moving averages, will catapult the broad indexes higher.

For now, the BPSPX remains on a market sell signal, by one single hair, hanging on by a fingernail. For this tool, a move of six percentage points to the upside creates a market buy signal and a move above the 70% level verifies the upside and a continued bull market. Conversely, a drop of six percentage points creates a market sell signal and a move below 70% locks in the strong negativity and forecasts bearish markets ahead.

The market bears received the sell signal mid-January and then the confirmation sell signal as the BPSPX fell under 70 in late January. The bears were drinking champagne and throwing confetti. Then the 'V' bottom occurs as the BOJ yells Banzai! and starts printing yen like madmen, destroying their currency, sending the dollar/yen higher, and sending equities higher creating the near-term bottom. The bulls need a six percentage point reversal to receive a market buy signal. This is the 67.80 target (61.80+6=67.80). The market bears remain in control unless the bulls can move the BPSPX above 67.80-68.00. If price moves above 68, and then above the critical 70% level, a strong market rally will be firmly in place and the bears will be running for cover as a market melt-up occurs. Under 68, the bulls got nothing. Check the chart on Tuesday evening and everyday forward to discover who wins. 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.