The BPSPX moves above the key 70% level a couple weeks ago providing another bullish signal for the stock market. The BPSPX had already reversed six percentage-points off the uber low to begin the year, the initial buy signal, and stocks have not looked back. The Federal Reserve and other global central bankers are in collusion keeping the markets elevated to provide time for the world's elite to lock in profits and slowly exit. Joe Sucka is always willing to hold the bag.
For now, the bulls continue to rule as per the BPSPX metric. To confirm substantive downside, the bears must push price below 70%. That will verify an ongoing selling pattern and point to lower lows ahead. A reversal of six percentage-points off that red-line top is 67.6. If the BPSPX falls below 67.6, Katy bar the door, the stock market will be in, or about to fall into, a significant drop.
The bulls simply need to keep the BPSPX above 70 and they will continue to rule the stock market going forward. 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.
Note Added 4:08 PM EST: The BPSPX ends the session at 72.20 with the SPX at 2771. Keep watching 70.00 and 67.60.
Note Added 7:34 AM EST on Friday Morning, 3/8/19: The BPSPX droops to...... wait for it..... keep waiting for it........ a bit longer .......... yes, 70.00. Friday is a big day and the Jobs Report is imminent.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.