Keystone's BPSPX Indicator is regularly updated on the Other Market Signals page. In a surprising development yesterday, the bulls eek out a Market Buy Signal by one thin dime. The BPSPX signals a market buy, or sell, signal when price reverses six percentage points. In November and December, the market bottom was confirmed when the BPSPX moved from 58 to 64. From there it was off to the races for the bulls. In March, the top occurs at 84.40 so the Market Sell Signal triggered at 78.40. The markets sold off in April but the bulls will not let the bears shine. The central banker easy money remains powerful and continues to pump equities higher. The near-term bottom a few days ago is 75.2. Thus, 75.2 + 6 = 81.20. Yesterday's print is 81.40 so a Market Buy Signal occurs.
This is not an expected development for the BPSPX. Typically, once the downside, or upside commitment is made, the markets should continue along in that fashion for a few weeks, but the bulls changed all that on Friday. This move is very suspect and may be short-lived. However, since the signal is a market buy now, the bulls must be shown respect, and the bears cannot shine again until a six percentage-point down move occurs to 75.40 (81.40 - 6 = 75.40). This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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