Following up on last night’s abbreviated column on the CBOE equity put/call ratio, I reviewed some of my older research on the indicator and came across notes regarding the…
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Our version of Standard & Poors’ Oscillator closed over 7.0 on Tuesday. While this is traditionally ‘overbought territory, more reliable signals are triggered in the…
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A technically strong day on Friday, with bullish NYSE TICK action and a surge in new 20-day and 52-week highs. While the board was somewhat mixed towards the end of last week, I continued to favor the long side because short-term buys were continuing to be triggered despite overbought conditions. In general I find it’s best to overweight short-term buy signals in an overbought market or short-term sells in an oversold market…
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Exchange volume remains abnormal, with NASDAQ volume outpacing NYSE volume by more than a 2.5:1 margin for the third consecutive session. We’ve never even seen two consecutive readings that high much less three, and while it’s tempting to label it bearish, it’s best to tread carefully when the action is unprecedented. Also note from the longer-term chart that the same ratio utilizing consolidated volume is…
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Major market averages gave back early gains Tuesday, although the Russell 2000 held on to close up nearly 1% after trading above its January high earlier in the session. S&P futures price action indicates…
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S&P futures kicked off March with an unfilled upside gap. Cumulative TICK closed at +60,000, marking the fifteenth consecutive session with positive NYSE TICK action. TICKscore closed at +18, sending the Cumulative TICKscore line…
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Pull up today’s relative volume chart for E-mini S&P futures and note the sharp pickup in volume around 2pm ET. Prior to that point Thursday’s volume was running below the 30-day median, but once it crossed the median it never looked back. That was a good indication the afternoon rally had legs…
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