BPSPX S&P 500 Bullish Percent Index Daily Chart

The BPSPX, the S&P 500 Bullish Percent Index, is on a double-whammy stock market sell signal despite recent market buoyancy. Markets are erratic and unstable changing direction more than a lady changes her clothes for a big night out. The choppy sideways price action chews up bulls and bears alike.

For the BPSPX, the six percentage-point reversals are key and the 70% line. In March, the bulls were in full control, the livin' was easy. The BPSPX issues a double-whammy buy signal as price pops above 70. Price peaks at 76. The BPSPX reverses 6 points and falls through the 70 level issuing a double-whammy sell signal. Then, in early April, the BPSPX bottoms at 44 so a reversal of 6 points, to 50, would issue a buy signal and it occurs. Then price moves above the 70 level for another double-whammy buy signal.

The action continues with the BPSPX topping-out at a lofty 91.60. A 6 point reversal is 85.60, which occurs, issuing a sell signal. Price then loses the 70 level for a double-whammy sell signal for the last three days.

The BPSPX prints 61 as a low the last three days so adding 6 is 67. Thus, the bulls got nothing unless they can send the BPSPX above 67 which would be a buy signal and confirmation that stocks have more upside juice. Bulls then need price to poke above 70 which would light the path to euphoric highs in stocks going forward. The bears, since they own the double-whammy sell signal right now, only have to keep the BPSPX below 66 and they are fine going forward. The market will run out of gas and roll over and die.

Bears win going forward as long as BPSPX remains below 67. Bulls win above 67 and win big time above 70. 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 9:34 AM EST: The BPSPX is at 63.20 the bulls are pushing higher. The SPX gains 12 points, +0.4%, to 2810. VIX 39.48.

Note Added 1:08 PM EST: The SPX is up 8 points, +0.3%, to 2806. The 50-day MA resistance is at 2807 and price now hits its head on this critical moving average for the fourth time in six days. It's bounce or die time from 2806-2807. Price must choose a direction and quit goofing around. The BPSPX is at at 62.80. VIX 38.02. President Trump is talking at the Whitehouse. Keybot the Quant remains long mainly due to strong semiconductors that are the primary driver of the stock market direction currently. The SPX must bounce or die at the 50-day. The SOX is above the critical bull-bear line in the sand at 1630 called out by the quant so the bulls say price will move higher. The BPSPX, however, is on a double-whammy sell signal and the bears say price will move lower. One of these two parameters will flinch and confirm the direction forward.

Note Added 1:26 PM EST: SPX 2807.11. 50-day MA 2807.11.

Note Added 5:40 PM EST: Bulls win. Right after the prior message, booooiiiinnnngg. The SPX uses the 50-day as a springboard catapulting higher. The HOD is 2843 so the S&P 500 popped nearly 40 handles after resolving the 50-day. The SPX finishes up 39 points, +0.4%, to 2837. The 50-day MA is at 2808 and 200-day MA is at 3008. The BPSPX finishes the week at 64.60. The bulls are making a run as per the chart above. Today was only a battle and not the war. Keep watching SOX 1630 versus BPSPX 67. Keep an eye on copper as well because stronger copper will help send stocks higher. Here comes Donnie for the evening campaign briefing. Surprisingly, he starts by talking about the coronavirus. Okay, anyone want to make a wager as to when he will mention ventilators? Da vendaladors. Da vendaladors.

Note Added Thursday Morning, 4/29/20, at 8:16 AM EST:  The bulls push the BPSPX up through 67, through 70, through 80 now at 83.80 for a double-whammy buy signal on 4/27/20. Bulls are singing, "Happy Days Are Here Again," the birds are churping and the lover's loving. Everyone continues to Kneel and Worship at the feet of the Central Banker Money God's believing in the Mystical Money Printing-Press enshrined in the bowels of the Eccles Building; every day is a par-tay without fear or worry.