The market is very resilient. After each sell off it bounces back. This is a characteristic of fast trends. It is good to remember that they bounce back until they don't (my second tribute to Yogi Berra in two days!).
The 5 day ema of the put/call ratio has made a new high for this bull leg:
Since, usually, bigger corrections come after the 5 day ema diverges from the market it follows that the next correction will not be very big. This is an important observation for the near term bias.
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