Breadth calculated between the most bullish and bearish stocks on Twitter is declining. The culprit is the count of bearish stocks. It’s slowly creeping up even as the market rallies. Sentiment for the S&P 500 Index (SPX) is bouncing between extreme optimism and neutral. The behavior is similar to the rally from November 2016 […]
This rally lacks enthusiasm from traders and investors on Twitter. Sentiment for the S&P 500 Index (SPX) didn’t move higher as the market finally jumped on Friday. The good news for the bulls is that sentiment held its confirming trend line (the bottom of the triangle). Another sign that enthusiasm is lacking comes from […]
The S&P 500 Index (SPX) is consolidating in a sideways range. As SPX consolidates, sentiment from the Twitter stream is painting a triangle. The break of the triangle will point the next direction in the market. If it breaks to the downside, we’ll probably need a small dip before the market can continue upward. A break […]
Here’s an updated support and resistance chart for the S&P 500 Index (SPX). 2600 is the next resistance level if 2550 can be cleared. Maybe a small stall in the 2565 to 2575 area. You can see the Twitter sentiment chart for SPX here. The breadth and bullish and bearish chart is here.
Last week we mentioned that it was time for some consolidation. This week it looks like everyone is waiting to see what happens. The first sign of waiting and watching comes from support and resistance levels gleaned from Twitter for the S&P 500 Index (SPX). There aren’t many tweets for prices above or below about […]
Sector sentiment is again warning about a short term top with an overbought signal caused by all sectors showing positive readings. The last time this happened was late July and early August. A short term top followed as expected. At the least, we should expect some mild consolidation to clear the overbought reading. Another […]
On July 23rd, I posted that a short term top was near due to overbought sector sentiment. We’ve now had a short term dip, but is it enough? If we look at 7 day momentum and sentiment for the S&P 500 Index (SPX) it has fallen to the level of minor dips over the past […]
Last week I mentioned that we should get a short term top. We got it this week. Now what? Let’s start with 7 day momentum and sentiment for the S&P 500 Index (SPX). It has now made a clear break below its uptrend line. This indicates that the bears are in control for the moment. We’ll […]
Two weeks ago, I mentioned that sector sentiment calculated from the Twitter stream was overbought. When this occurs a short term top is usually in place within a few weeks (almost always in one week). When it stretches to two weeks, sector sentiment stays overbought during the period. We’ve now gone two full weeks from […]
Last week, sector sentiment gleaned from the Twitter stream had every sector positive. When this occurs a short term market top materializes usually within the following week. Once in a while, the sectors will paint another week with all of them in positive territory, then the top comes. Basically, when every sector is being bought […]