A Look At Some Market Indicators

The put to call ratio moved up strongly yesterday (Wednesday). More market participants are positioning for downside.  It seems to be trading in a range between 0.85 and 1.50.

The new highs - new lows, while still down yesterday, is not at the same level that it was at a week or so ago. This is a positive sign.  We’re still below 0, not good.  But increases in this indicator are positive.

The NYSE Advance Decline line is still sharply negative but still not plumming the lows carved out a week or two ago.

VIX (^VIX) is up, but still not making higher highs - yet ? Perhaps the VIX is building a triangle that will break out to the downside and culminate in a huge rally in equities.

Here’s the % of stocks that are trading above their 50day moving average. I’ve added three simple moving averages - 4,9,18. These indicators indicate that there may be some sort of bottoming trying to take place.

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