DOW Bullish Percent Index (22 December 2012)
DOW Bullish Percent Index is in a Bear Correction:
A Bear Correction signal occurs when the Bullish Percent Index is on a P&F sell signal, but advancing with a current column of X’s. Any advance remains a correction until there is a breakout to reverse the sell signal.
The PnF bear (sell) signal warrants caution, but the successful test of the 50 level has the current trend in favor of the bull.