$SPX - Bullish Percent At the Reversal Level
$S&P 500(.SPX)$ - Bullish Percent - At the Reversal Level
An overbought level for the Bullish Percent index typically ranges between 70% to 80%. When the index reaches these levels, it suggests that a potential correction or pullback may be imminent.
Previous occurrences are highlighted, only two occurrences (green) in the last two years have meant a minor retrace.
We're at the reversal point, que question is not IF, but HOW low can it go?
$SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $iShares Russell 2000 ETF(IWM)$
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It is a breadth indicator, it measures the percentage of stocks in a given index that are showing bullish patterns, indicating overall market sentiment.
One or two green days can happen, but as the chart shows, the indicator does not last long here.
The indecisive price action is totally related to the Non Farm Payrolls and the Unemployment Rate.
https://twitter.com/SmartReversals/status/1841973072024236363
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