Stock market bulls are still on top

The U.S. stock market, as measured by the S&P 500 Index SPX, continues to rise after having bounced off of support at 4330 a couple of weeks ago. The rally has gained some momentum and has generated some buy signals from overbought conditions. The next resistance target is 4600 — the July highs. If there is a pullback from here, it is imperative that the support at 4330 holds.

Breadth has improved considerably over the past few trading days, and the breadth oscillators have rolled over to buy signals. That has been confirmed with a two-day measurement. The last breadth signals worked out well, so perhaps these indicators are returning to a more useful status after a fairly long period of whipsaws and sketchy signals.

In summary, we are maintaining a “core” bullish position — although one with a small delta — as well as a number of other positions based on confirmed signals, most of which have been buy signals recently.As noted above, there are new breadth oscillator buy signals as of the close of trading on Aug. 29. We are not going to spread this position, but will use an outright long call instead.This position will be held until these buy signals terminate. We will update that situation weekly.

Long 6 ORIC ORIC, -0.33% Sept 7.5 calls: The stock is strong, as it made a new yearly high yesterday. The stop remains at 8.10. Long 1 SPY Sept 448 put and Short 1 SPY Sept 418 put: Bought in line with the equity-only put-call ratio sell signals. We will stop out of this trade if either equity-only put-call ratio moves to a new buy signal.

Long 1 SPY Oct 446 call and Short 1 SPY Oct 464 call: This spread was bought in line with the new MVB buy signal, when SPX traded at 4459 on the morning of Aug. 29. This signal will remain in place unless SPX closes below its -4σ Band, which would stop out the signal. The target for the trade is for SPX to touch the +4σ Band.

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