Our Twitter Sentiment Indicator for the S&P 500 Index continues to compress and paint a triangle pattern as the market moves higher. Based on the smoothed average of sentiment, twitter users still don’t quite believe this rally. It can’t get above zero and is painting lower highs even as SPX is painting higher highs. On the positive side sentiment is painting higher lows as well. We’ll have to see if the market follows the direction of sentiment once the triangle pattern breaks to the upside or down side.
Our Twitter Support and Resistance numbers for SPX are starting to show some life to the upside again. People are talking about 1500, the old highs at 1422, and 1400. On the down side 1267 and 1300 are being mentioned, but less frequently. There continues to be clusters of people tweeting the recent lows around 1330.