I posted that the bpndx reversed yesterday, giving a sell signal - and that was on an up day.
The one problem that I have with that is that the bpndx never crossed the 70 mark. It was up today, from 66
to 67. It very well can keep going up.
Now, I have another thought. The bpcomp is still at 40, at heavy resistance, but has not reversed yet. That
shows me that this rally has been mainly in the speculative stocks. Surprise, surprise.
stockcharts.com
stockcharts.com
The bpdjia actually broke up yesterday and gave another little buy signal.
stockcharts.com
But the bpnya, (basically, the rest of the market, is still sitting at 40, at heavy resistance.
stockcharts.com
Hey, guess what???? The BPSPX has reversed and given a sell signal at 54.
stockcharts.com
And, look at the BPOEX - 1 more point and it also reverses -
stockcharts.com
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Now, one thing that I've noticed. In a bull market, when the BP's reversed down, piffers would take that as a
caution sign, but wait for more momo to come along and reverse it back up. In the bear market, they have
just continued down.
Theoretically, there is no reason (forget FA -g-) that they cannot reverse back up. They (the BP's) can go on
up to the 80's. So far, in the bear market, we haven't seen that happen.
I am wondering if we start to see rotation out of the ndx speculative market and into the conservative "safe"
stuff.
It could happen. |
