Charts Dec 8, 2023

Nice rebound day for SPX. But this hasn't improved indicators in a noticeable way (see charts). We have more new Sell than new Buy signals today, despite an 0.8% climb in the index. That means the rebound was more a result of flight to the perceived safety of larger stocks.
Overall picture is the same: stuck between 4540 and 4600 until we see a break away from this range. Since this narrow sideways is about 3 weeks I would expect a large 200+ point move once the next swing direction becomes clear. Be ready.

Market situation:

* 397 SPX stocks in bullish mode. Rebound from the previous day's loss, but fewer stocks in bullish mode. That's a bit of a red flag. possible bull-trap.
* BullsPower at 38, BearsPower at 14.
* 192 stocks with upward MoM. Down from the previous day.
* The dW at 4445 is a target if the 4540 level gives way.

* BMO stays in decline and is near the zero line. Crucial juncture.
* Blue Snake is going down.
* The Repellor is at 4482.

* SPX Rotator turns down
* The red component is still climbing. If it turns down too then quick continuation of the rally would be more questionable.
* Upward momentum of the Bands is still very strong.

* SwX is green - bullish.
* Daily MoM keeps coming down.
* First trendline support remains the green line, near 4500. Overhead resistance is obviously at 4600.

* Icebergs algo shows green mountain dropping back. That's a bit surprising. It may suddenly pick up steam again (see last May), but that remains to be seen.
* The late Nov highs with "gold on the mountain" have still not been exceeded significantly by recent price action.
* If there is a breakout above 4600 then that would most likely change the picture again. So we cannot make firm conclusions based on the current setup.