BPSPX S&P 500 Bullish Percent Index Daily Chart

Here is an update to the prior BPSPX chart. Scroll back to that one for further information.

For the BPSPX, the 6 percentage-point reversals are key and also the 70% level. The BPSPX remains on a double-whammy buy signal ever since price moved above 70 in late September early October. The double-whammy buy signal sends stocks to new record highs in January. The SPX all-time high is 2872.80.

The BPSPX tops out at 83.3 so taking away 6 is 77.3 the level where a market sell signal is triggered. If BPSPX fails at 77.3, then fails at the 70 level, that would be a double-whammy sell signal and big trouble for the stock market. Equities would be falling in earnest.

For now, the bulls remain in charge based on the BPSPX. The market bulls need to keep the BPSPX above 77.3 and that will keep the stock market bumping along sideways with an upward bias.

Note that the bears are making headway lower but need another 50 cents lower to get under that 77.30 for a market sell signal. If the BPSPX stays above 77.30 and begins moving higher again, the market bears got nothing and the bulls will be singing and dancing once again celebrating higher equity prices. 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.