Wednesday, February 13, 2008

Bullish Percents rise once more

The Bullish Percents have turned bullish (again!); although the Nasdaq Bullish Percent have been bullish since January 24th.

The Dow is interesting as 12,200 looks to be support based on closing price.

The S&P struggles a little and this could reverse as a whipsaw signal - but for now it is bullish.

McClellan Oscillator holds on to bullish signal

But indices remain vulnerable as recent gains fall well short of the prior week's selling. Double bottom confirmations will need 5%+ gains in the indices, which given the gains we have seen over the last few days could take a while.