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BP's for SPX

slight negative divergence in my judgment vs. BP's usual level when SPX $1313 level is printing for daily closes

I am not certain of the importance of this divergence, and it can be quickly solved by a continuation higher ....
I believe it deserves some level of respect as a WARNING

BP's for the SPX needs to continue to higher levels...a slow grind is fine, it is not desirable for the BP's to later decline and
actually hold below the 65 to 67 level ... I can't personally find it plausible the price action in the future is likely
to hold any pullbacks below SPX $1251 level unless the SPX BP's decline and hold below 70 to 65 level

SPX price action

$1313 is derived from the weekly closes chart

+ $1313 must eventually be a price level above which we eventually start basing higher to support a further advance

SPX price trading range was $1120 to $1220 / then $1220 to $1265 for a period of time / once $1251 was placed quickly
behind in the advance since December, the new basing price level is now $1251 to $1313, imo...we have actually put this $1220 to
$1265 trading range zone behind us with a further advance achieving a respectable distance above both $1265 and $1295 -
THIS IS A CHART FACT which must be respected as a high priority ....
the significance is so high that much respect must be accepted by
those of us who are trading price and chart breakouts as our major indicator

I count 44 chart breakouts in 29 major index and sector ETF's in the two days since the count was 7 on Tuesday's close ...this
means the actual chart configurations for the price action since January 2011 are improving with actual new high prints above
key chart levels ... this deserves an incredible amount of respect, especially if this large number of what I consider major
chart breakouts
actually holds for a period of time


the negative divergence by the # of NYSE new 52wk highs vs. when SPX is trading at $1313 or above must be respected

a technician really wants to see this number increase eventually, and the sooner the better...of all the bull trap WARNINGS that
can be considered in viewing many internals, this one data point has my highest respect as a WARNING to be vigilant


my judgment is that this price action since the November V-bottom and since late December higher SPX price low has accomplished
a number of major character changes in the actual charts of price action for indices and the component sectors ...a trader must
respect the price action in spite of the divergence and concerns which can be identified

price action and chart configurations which are achieving major and highly significant breakouts for the 18-month chart period MUST
be respected ...sure, be vigilant here, but respect price action..the NYSE commons only chart info. could improve a lot to help
the overall cause here, and the Russell 2000 could definitely confirm by establishing a long-lasting and FIRM base above the $770 to 777 level by a much
larger distance in the next few weeks ... I will certainly consider this price advance a LOCK to sustain for a few months if these and the
chart breakouts are events which actually hold for a period of time

I would not be trading indicators here ... I recommend trading the price action

- hiker
another type of viewpoint for assessing the SPX BP's$BPS...amp;a=230553765

the BPSPX to VXO ratio breakout must be respected

it is very evident what is REQUIRED by the BP's and VXO in order for the SPX to advance to the level of the April to July, 2011 price zone

it will be a very RESPECTABLE warning if the BP's for SPX do not advance higher and actually hold these future higher levels
after AAPL reports and after the early February price action ... some key names report earnings in the first three weeks of February, so
the level of the BP's into and after this period is something I will monitor very closely
four TRAN charts with my comments -

OEX 60min and OEX weekly with XLF -

* OEX $590 must become firm support and must be tested eventually and actually hold in tests from above for the bulls to be confident this advancing
structure has staying power...remotely possible that pullbacks to $590 will not eventually very vigilant whether OEX $590 becomes firm horizontal
support for a long-lasting advancing price structure...this is critical

RUT to OEX daily ratio with my comments -

* if you only look at one of these charts, look at this one

cum NYAD line since 2007 with NYA price action and key price inflection levels -

RUT weekly with SPX and NYA, and my comments -

SPX weekly closes chart with JPM overlay, and my comments -

VXO daily chart since 2008 with indices -

NYA, SPX, CRB, TRAN, XBD daily price bars since 2007 -

NDX daily price action + Nasdaq raw breadth values smoothed with the 5-day simple moving average -

* watch this one very carefully next week and early February

INDU with TRAN and two SPX charts, with extensive comments

* the golden three charts whether a bull or bear

SPX and NYA charts -

* the golden three charts for trend ID confirmation ... price, breadth and internals

NYA $7829 Jan 20th close vs. declining 10-month sma value of $7822 .. bulls are going to assume this MA is a "no problem" because the
bulls only look at NYSE breadth and McClellan indicators and rarely look in complete detail at NYSE price action - LOL
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