BPSPX S&P 500 Bullish Percent Index Daily Chart; Double-Whammy Sell Signal

The BPSPX is on a double-whammy sell signal. The Bullish Percent Index drops through the key 70% level and then loses 66.5% which is a key 6-percentage-point reversal.

It was all smiles and giggles in January with stocks rallying and the BPSPX bumping above 70% creating some confetti-throwing as February began. That did not last long with the BPSPX topping on 2/3/23.

The double-whammy sell signal remains in play unless a 6-percentage-point reversal can occur from the current or any future low. Right now, let's call 64.5 the low so the BPSPX needs to climb back above 70% for a buy signal and if that occurs it will be a double-whammy buy indicating a big rally in progress and continuing.

For now, as per the BPSPX, the bears are in charge even though stocks are rallying today. 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 Sunday, 2/19/23: The BPSPX drops to 60.80 on Friday with more bear-friendly action. The bulls would need a reversal to 67 to flex their muscles and prove they got game and a move above 70 would create a big rally higher. For now, the bears are in control and want to take stocks lower.