Stocks look poised to add to yesterday's reversal higher as stock futures are higher across the board as Treasuries come under selling pressure sending YIELDS higher.
S&P futures (sp02u) are higher by 5.6 points at 923.60, NASDAQ futures (nd02u) are up 974.50 and Dow futures (dj02u) are up 40 points at 8,760.
Fair value for the S&P 500 today is $0.48. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.84 and set for program selling at $-1.74. Fair value for the NASDAQ-100 today is $1.95.
Yesterday's action has the bulk of our major market bullish percent indicators from www.stockcharts.com reversing into a stage of bullishness, which should have traders investors now more bullish in their trade and account management.
The shorter-term and more volatile NASDAQ-100 Bullish % ($BPNDX) is "bull confirmed" at 32% (32 of 100 stocks showing a point and figure buy signal), after a relative low reading of 8% in early July.
The still narrow yet less volatile S&P 100 Bullish % ($BPOEX) remains "bull alert," but higher at 36% (36 of 100 stocks showing a point and figure buy signal) after a relative low reading of 8% in mid-July.
The broader S&P 500 Bullish % ($BPSPX) remains bull alert and continues to show a net gain of stocks generating "buy signals" on the point and figure charts where demand is outstripping supply. Current reading is "bull alert" at 36.4% and would currently take a reading of 66% to achieve "bull confirmed" status.
Note: Per yesterday morning's 09:00 Update, traders that may have shorted partial positions in the S&P Depository Receipts (AMEX:SPY) $92.24, should be STOPPED out as profiled.
One of the broader and more institutionally monitored bullish %, which is a very slow and methodical mover, has the NYSE Composite Bullish % ($BPNYA) "bull confirmed" at 33.27%, after reversing up just this past Monday from a relative low of 26%. This would have one looking for the markets to potentially put together a bullish move similar to that found in October of last year to approximately mid-March.
The also broad NASDAQ Composite Bullish % ($BPCOMPQ) is the only major bullish % from www.stockcharts.com that remains in a "bear confirmed" status at 29.68%, but slowly edging up from a relative low reading of 25.77% from 07/24/02. Currently, this would have a bull tending to shy away from stocks that do not have a point and figure buy signal associated with its chart, or trade below its bearish resistance. It would take a reading of 32% to get this broader market indicator back into a "bull alert" status. However, as the other bullish % charts have shown in the past, a rising tide tends to lift all boats and I'd expect this indicator to eventually reverse higher.
Subscribers can view all of these bullish % charts for FREE by visiting www.stockchart.com. To better understand/comprehend how these bullish % charts are built and how they can guide the investor/trader to understanding risk, visit the "Bailey's Basics" section of the site and article title "Understanding Risk is Key" near the bottom of the section.