I’m busy this weekend, but here are some updated charts with a conclusion to follow.
The S&P 500 Index (SPX) is in a well defined range of 2300 to 2400 with minor support at the last lows near 2320. 7 day momentum and sentiment from Twitter for SPX is in a clear short term downtrend. If that trend is broken to the upside it should confirm a resumption of the rally. The number of bullish stocks on Twitter is rising, but is still diverging from price. Put all together, we’re waiting for more bullishness to show up in 7 day momentum and the bullish count so we can finally make a clear break above 2400 on SPX.