This chart is a smoothed version of the NYSE Arms index. What is bothersome is we had a small rally off the lows and this has already flashed a bearish warning signal. When the market has had recent similarly sized pullbacks in the uptrend, this indicator has spiked to a buying zone. We can derive that, in fact, this time IS different. Also note how much this indicator is hanging in a the bearish zone. More on TRIN.
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