Shorts are being squeezed like none other. It's an interesting landscape out there with some potential signs of a bottom like breadth and sentiment. Also, there are a few unmet measured moves lower. If we make new highs in semi's and SPY, that'd speak to how strong this move really is.
It seems like everybody is waiting to see this next dip/pullback/whatever to judge the market's strength. I know I am. Maybe that's not how this plays out. We'll see. Let's dig in.
The NYSE Composite closed the week right at the trend-line connecting 2009 and 2011 lows.
The NYSE Advance-Decline line is still tracking the S&P 500.
There were some false breakdowns in the growth to value ratios. Now we're seeing upside breakouts The market seems to want beta.
The Show-Me-Tell-Me ratio has completely stalled out at the falling 50D. It's been stuck for over a week now as the market advances.
VIX term structure sure eased up on the fear sure quick. Note this level acted as resistance in August and September.
Airlines are back at major resistance. They already broke RS resistance. Impressive stuff.
Retail RS has been a dud. Where is that extra boost from the gas tax cut?
We're at a key point in the developed - emerging markets ratio.
The Middle East ETF could be a large continuation wedge
The euro's weakness is incredible. The 2013 lows are acting as resistance.
Speaking of weakness, the CRB is in a strong downtrend thanks in large part to oil. Price is compressed and looks near a meaningful move
.
Crude continues to hold it's LT support line
Gold relative strength is still a mess after it's false trend break.
Trade 'em well!
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