Tuesday, June 9, 2009

A Few More Topping Signs

It is late and I don't have the fortitude for charts tonight. Penguins won which was more important.

However, for a good market recap check out Cobra's market view from the links sections on the right. The Nasdaq/NYSE volume ratio is getting stretched to extremes indicative of longer term tops in the past. Sentimentrader.com posts basically the same chart and it is showing a lesser extreme but still on par with some past peaks. Quote vendors differ in volume readings I guess.

Also, for those who are familiar with the VIX/VXV ratio, it closed at 0.92 - its lowest level since the January 2009 top. The close was also outside its bollinger band which has been good for a short-term pullback at least on the last few occurences.

Also, for anyone interested in even more geeky ways to analyze put/call data, check out this link from Schaeffer's Research from yesterday. It discussed a "gamma weighted" put/call open interest ratio which is showing a great overabundance of near the money calls versus puts.

Other than that, the only major technical things are another failure for the S&P to breakout from the January highs and a short term potential head and shoulders top easily seen on a 5 day chart of SPY, IWM, etc.


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