Last Friday saw the first test of the bulls' mettle since last November, and they passed with flying colors. The $SPX chart is the primary indicator at this time -- clearly superior to all the others.
Equity-only put-call ratios remain on sell signals.
At the current time, both breadth oscillators are back on buy signals, and modestly in overbought territory.
Volatility indices ($VIX and $VXO) have been fairly steadfast in their bullish (or at least non-bearish) trend for months now. Despite what looked like a bearish move from $VIX last Friday, it is now back into its neutral/bullish state.
In summary, the only indicator that has correctly remained bullish is the price chart of $SPX itself. Thus, it is the important one to watch.
Lawrence G. McMillan is the author of two best selling books on options, including Options as a Strategic Investment, recognized as essential resources for any serious option trader's library.
Copyright 2024 Tiger Shark Publishing LLC . All rights reserved.
It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.
Free Festival of Traders Videos
