A hanging man candle by itself doesn't mean a lot because without confirmation it's just a candle. However, along with that candle, the P/C Ratio dropped to 0.63 today, the lowest reading in a very long time.
At the March and September highs we had P/C Ratio readings at higher levels but even so the low readings then were enough to stop the market from moving higher. Today's low reading has the same potential. It indicates that there's no fear in the market and that no one was fooled by today's market action but instead they all moved over to the same side of the ship.
This is never a good situation but the market will let us now soon enough if it means anything.
At the March and September highs we had P/C Ratio readings at higher levels but even so the low readings then were enough to stop the market from moving higher. Today's low reading has the same potential. It indicates that there's no fear in the market and that no one was fooled by today's market action but instead they all moved over to the same side of the ship.
This is never a good situation but the market will let us now soon enough if it means anything.