Notice the fact that this indicator did not spike beyond 1 as it previously did on rallies. I take this as a sign of weakness.
Meanwhile, the total put/call ratio is acting like the market is not ready to fall - yesterday it spiked towards oversold despite the strength in the market.
Maybe there are some bears that have not capitulated yet (as I did yesterday) but who are ready to exit on a pull back at the open.
This is just a conjecture. It might be something else but the effect is the same - the market shows some strength first when the ratio acts this way.
No comments:
Post a Comment