Info!! Quick Indicator Update

We've 1 time once again seen the equity put-call ratio dip below .50, indicating a relatively high grade of bullishness amidst traders. With 2706 20-day highs too 272 lows on Wednesday, however, nosotros silent don't run into a grade of deterioration inwards the wide marketplace that would ordinarily endure associated amongst a important marketplace reversal. Demand continues to outpace Supply too we're seeing Supply expansion at successively higher toll levels, feature of an uptrending market. We're besides seeing fresh bull marketplace highs inwards the advance-decline trouble specific to NYSE mutual stocks.

Indeed, amidst my handbasket of twoscore stocks taken from viii S&P 500 sectors, fully 36 are inwards an uptrend vis a vis the Technical Strength measure. I volition demand to run into greater deterioration of these indicators earlier anticipating a meaningful decline.

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Info!! A Quick Hold Off At Technical Strength

The stock market's rally has stalled out every bit we've approached the resistance surface area emphasized inwards the close recent indicator update. Short-term momentum has turned negative, with Demand (an index of stocks closing higher upwards the volatility envelopes surrounding their moving averages) finishing Tuesday at 21 as well as Supply (an index of those closing below their envelopes) at 81. Stocks making fresh 20-day highs dropped to 706; novel lows were 236. By contrast, nosotros were seeing over 1900 fresh 20-day highs at the optic of final week.

So which sectors are potent as well as weak inwards technical strength? My mensurate of short-term trending across xl stocks (five from 8 S&P 500 sectors) looks similar this:

Materials: +240
Industrials: +60
Consumer Discretionary: +140
Consumer Staples: +200
Energy: +360
Health Care: +40
Financial: +40
Technology: -80

Once again, those commodities/weak dollar themes of Materials as well as Energy perish along to atomic number 82 the stock market, whereas increment themes (Technology, Discretionary) somewhat underperform defensive themes (Staples). I notice the lack of follow-through inwards relative line with the Financials especially concerning as well as strongly suspect that, if we're going to sustain a intermission higher upwards the 1400 SPX resistance, the line volition need to come upwards from confidence with those Financial shares.
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