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Continued Strength

Over the past week, my core market health indicators mostly strengthened as the market bounced around. It continues to look like the market wants to go higher, it just needs a reason.


The bullish percent index (BPSPX) is still holding above 60%. As long as it stays that way the odds favor a mild decline over a 10% or more from here. If BPSPX falls below 60%, I suspect it will be as the S&P 500 Index (SPX) falls below 2100, which is a major support level.




Waiting and watching as core indicators strengthen. It looks like the market wants to go higher. But, the range between 2100 and 2200 on SPX represents significant support and resistance so a break should point the next intermediate term direction.


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