During the rally from the March lows, the S&P 500 (top chart) progressively made a series of higher highs and higher lows, indicating an intermediate change in trend (the long-term trend is of course still down).
Beginning from the June 8th high, we have begun the process of producing a first low, and a lower high, but not yet a lower low. I expect that to materialize in the coming days.
The put to call ratio (bottom chart) has followed suit. Beginning during the crash through the rally, it made progressively lower highs and lower lows. However, also on June 8th, it has begun a change of trend, having made a high, and a higher low, but not yet a higher high.
With further market declines, I expect this to materialize in the coming days as well.
Beginning from the June 8th high, we have begun the process of producing a first low, and a lower high, but not yet a lower low. I expect that to materialize in the coming days.
The put to call ratio (bottom chart) has followed suit. Beginning during the crash through the rally, it made progressively lower highs and lower lows. However, also on June 8th, it has begun a change of trend, having made a high, and a higher low, but not yet a higher high.
With further market declines, I expect this to materialize in the coming days as well.