Market participants were damn negative today. Today's total ISEE index came in at 41, which ties June 20th 2013 as the most negative reading this decade.
I took a quick look at the other readings below 45. They are RARE.
Seasoned market participants seem to prefer the equity only index for signals and I respect that. That said, this reading is so rare it seems worthy of our attention.
There are a handful of things that make us near term cautious out there. This includes the lack of dow theory confirmation and particularly the waning weekly candlestick momentum, but score this one for the bulls.
more: historical ISEE data
Thanks for reading!
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