Bullish Percent Index Issued Sell Signal For Nasdaq 100 And The Nasdaq Composite

First a tutorial:

Bullish Percent Index (BPI)   is a  market breadth indicator that is calculated by dividing the number of stocks in a given group (an index ,an exchange, an industry, etc.) that are currently trading with Point and Figure buy signals, by the total number of stocks in that group.  BPI can be used to determine overbought/oversold conditions and can generate buy/sell signals. It moves between 0 and 100, however it rarely goes below 20 or over 80. Followings are the how it can be used in trading :

Bull Alert when BPI is below 30%, oversold
Bear Alert when BPI is above 70%, overbought
Buy signal when  BPI go above  30% from below
Sell signal when BPI go below 70 % from above

The $BPNDX is a Bullish Percent Index for NASDAQ 100 Index ($NDX). It shows the percentage of stocks with current Point and Figure Charts buy signals inside the index . The following is a most recent $BPNDX chart shown with $NDX created by Greg Schnell and published in shortsideoflong.com. The following chart demonstrated the accuracy of BPI sell signal and it is indicating we are having one now in the Nasdaq 100.

BPI for other popular indexes are as follows: