Stocks continue to advance, and as long as that is true,
Stocks continue to advance, and as long as that is true, it matters little what the individual indicators are saying. Actually, the individual indicators are bullish in their own right, but price (i.e., the chart of $SPX), is without a doubt the number one factor for consideration. There is support in the 1575-1580 range –generally in the area of the lows of the past couple of weeks. Below that, there is major support at 1540.
Equity-only put-call ratios are both on buy signals. The standard ratio has been on a buy for a week or so. The weighted ratio has also been declining for several days, but the computer program that we use to analyze these charts only recently graded the weighted ratio as a “buy” as well.