The market has gone dull after making new all-time highs. The chart of $SPX remains bullish, in that it remains above support.
Equity-only put-call ratios remain bullish as well. They continue to decline on their charts, yet they are not so low as to be considered overbought.
Market breadth has been a problem for some time now. Both breadth oscillators rolled over to sell signals this week, and both remain there at this time.
The stock market continues to move higher, albeit at a very slow pace. That makes the $SPX chart bullish, of course, and it will remain bullish as long as $SPX holds above support. The highest support level is the 2090-2100 range that $SPX traded in last week.
$SPX has finally broken out to new all-time highs and has maintained that status by closing above the old highs for four consecutive days. That's the bullish news. The less-than-bullish news is that the breakout is not being confirmed with any resound by some of the other indicators. However, as long as $SPX remains above the 2065 support level, the bulls are in charge.
The Standard & Poors 500 Index ($SPX) has finally broken out of the 1990-2065 trading range that had contained it for nearly two months. The breakout was not easily achieved, nor is it uniformly confirmed by all of the other indicators, but it is in place.
As for support, there should be ample support at 2065 and at several levels below that, all the way to the bottom of the trading range, at 1990.
The stock market has had a strong week. Even so, $SPX remains within the general confines of the 1990-2065 trading range, on a closing basis. We still await a breakout from that range in order to establish an intermediate-term trend.
In something of a surprise, both equity-only put-call ratios rolled over to buy signals after Tuesday's trading this week. The computer programs that we use to monitor these charts were right on top of this new signal.
The market continues to be volatile, with $SPX bounding from support at 1990 to resistance at 2065 swiftly in the past four days. Outside of that range, there is further support at 1975 (the October lows) and resistance at 2090 (the all-time highs). As a result, the $SPX chart remains neutral at this time.
The stock market has experienced huge moves so far this year far greater than have been seen since the fall of 2011. There has been a lot of back forth action, but the bears seem to be gradually getting the upper hand. Yet, the indicators are mixed and it could be that the Standard & Poors 500 Index ($SPX) is just in a wide and volatile trading range.
The market has been on a rather wild ride for over a month now. With the action of the last two days, our indicators have swung back to a bullish status, for the most part.
The fact that $SPX has now risen back above its 20-day moving average and has closed above 2060 is positive. A second day's close above 2060 would be confirmation of the recovery in the $SPX chart.
Equity-only put-call ratios have rolled over to buy signals.
Stocks stumbled into year end, with a couple of down days, the second of which was downright nasty. But was this just illiquid, year-end manipulation (as the bulls suggest) or is it something more serious? It's a little early to tell at this point, but if things don't improve quickly, then the bears have a chance to engineer a correction.
The reversal off the December lows was sharp, powerful, and even record-setting. The chart of the Standard & Poors 500 Index ($SPX) has returned to a bullish status, now that new all-time intraday and closing highs have been registered.
