BPSPX S&P 500 Bullish Percent Index Daily Chart

The six percentage-point reversals in the BPSPX are key signals as well as the 70% and 30% levels. The stock market was on a double-whammy buy signal as March began. The BPSPX topped out at 73.6-73.8. Thus, the bears would need a move below 67.6-67.8 for a sell signal. Since 70% is in between, that would issue the first sell signal for stocks and the 67.6 would be the double-whammy sell signal, which occurs.

The BPSPX remains on a double-whammy sell signal since 3/8/19. The BPSPX places a bottom at 67.4 so a six percentage-point reversal to the upside is 73.4. Thus, the bulls need the BPSPX to poke above 70% for an initial buy signal and then above 73.4 for the double-whammy buy and to continue the march to new all-time stock market highs.

Price came up to 70% so the bulls started throwing confetti and singing songs but alas, the bears push the bulls down the steps last Wednesday and Friday. The BPSPX remains on the double-whammy sell signal for the broad stock market and this continues unless price can move above the 70% level. 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.