The Twitter stream is finally being filled with bullishness from traders and investors tweeting about individual stocks and the S&P 500 Index (SPX). The tweets for SPX have shown enough bullishness during the last three minor consolidation periods to keep 7 day momentum and sentiment mostly above zero. This is healthy bull market behavior. Bull market consolidations usually see this indicator experience small dips below zero that are quickly recovered.
The number of bullish stocks on Twitter has risen back to bull market levels. This indicates buying in a broad number of stocks. This should help support a further rally.
On the slightly negative side, we have price target tweets for SPX. Traders are only expecting a move to 2200. There is very little hope for higher prices. As a result, we should see some selling and consolidation at that level.
Bullishness is clearly back, but the market will likely consolidate once SPX reaches 2200.