Over the past week, there isn’t a lot new to report regarding sentiment from the Twitter stream. The most significant item comes from the number of bullish stocks. It continues to fall even though the market moved up a bit. This indicates that traders aren’t aggressively buying the most bullish stocks near a market high. This isn’t a good sign for the bulls.
7 day momentum and sentiment for the S&P 500 Index (SPX) has moved back up to the zero line. The bulls want to see this break higher. The bears want it to turn down from the zero level as it will likely result in a larger decline in SPX than we’ve seen so far this year.
Support and resistance levels stayed the same. 2400 is strong resistance. 2350 and 2300 are support.
A weak response from the bullish count and 7 day sentiment sitting at zero suggest there aren’t very many committed bulls. Keep an eye on 7 day sentiment, because a turn down from here will likely have serious consequences.