Checking in with the options market, the very LT trend remains clearly bullish (all major MAs in sustained synchronized downtrend):
While the market has accelerated higher, the short term standardized equity put/call ratio remains surprisingly neutral(ish):
The only recent bullish option signal I noticed was from ISEE's Call/Put ratio which opened up a significant gap between its 10d MA vs 50d MA (see below). This was similar to late October 2020:
FWIW there was also this from @MacroCharts on the net put value traded relative to market cap:
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Investor Intelligence newsletter sentiment metric continues to recover with bulls 60.8% (+6.4%), bears 16.7% (-.8%) and the correction camp at 22.5% (-5.6%)
Retail investor #sentiment much more optimistic with those expecting the stock market to continue to rally at the highest levels since January 3rd 2018:
"the forces of Supply and Demand suggest the market is consolidating its gains from the Dec 24 2018 and June 4 2019 lows through this sideways trading rather than forming a significant topping pattern."
"Thus, the probabilities are this period of consolidation will be resolved to the upside through a rally that carries to new all-time highs. (…) Historically, breadth tends to lead price in moving to new highs."
Lowry Research 3/7:
"Thus, if precedent holds, the new highs in the various Adv-Dec Lines reinforce the probabilities the market’s current sideways movement will be followed by a rally that carries the major price indexes to new highs in the months ahead.”