CHARTS_CCI_SYSTEM

[rimshot]

SPXEW bounce on Feb. 22nd is rejected on
today's 1st attempt from below of the 50-dema

* notice the cyan horizontal line marking the level
of the Feb. 20 and 21 intraday low, which bulls
must defend in the coming days

bulls are recently defending the area of the declining
15-day sma

* in the near term, it is unfavorable to the lasting bullish case
that the very largest
capitalization symbols in the S&P 500 index are extending
their weighted influence to even more extreme
levels than often seen since 2016
( see the ratio at the bottom of the chart )

top 25 symbols ranked by portfolio weight are updated daily here:

http://portfolios.morningstar.com/fund/holdings?t=SPY

notice the composition of the top 25 compared to the table
shown below the chart ... AMZN has moved up only 1 position in
the weighted index ranking for the S&P 500 since 2017, but
is now at 2.57% weighted influence vs. 1.77% in 2017



Morningstar ranking for the weighted influence
of the top 25 symbols, as of October 20, 2017:

top 25 stocks ranked by
Market Cap weighting ---
with the S&P 500 index weighting factor
( updated for Oct 20 close )

AAPL 0.0364
MSFT 0.0274
FB 0.0187
AMZN 0.0177
JNJ 0.0172
BRK/B 0.0164
XOM 0.0159
JPM 0.0158
GOOGL 0.0135
GOOG 0.0134
BAC 0.0120
WFC 0.0111
PG 0.0101
CVX 0.0101
T 0.0098
PFE 0.0098
GE 0.0093
VZ 0.0091
UNH 0.0090
C 0.0090
V 0.0089
HD 0.0087
INTC 0.0086
KO 0.0080
CMCSA 0.0079

Total 0.3338 or 33% of the S&P 500 index
( an index whose price value is weighted by its components' Market Capitalization Value weighting factor )