With the DJIA making gains so far this month, the Jan. 18 issue of Elliott Wave International's Monday-Wednesday-Friday Short Term Update takes a look at market sentiment:
"...the S&P spiked above an internal trendline that started at the March 2011 low, which has excited traders. The CBOE equity put/call ratio dropped to .55, which means that there was nearly twice as much volume flowing into bets on calls (a continued rising market) than on puts (a falling market).
"Last Friday, January 13, the total composite CBOE put/call ratio dropped to its lowest close since July 19, two days prior to another second wave top. ... The market dropped 17% over the following three weeks."
You can see The Short Term Update's chart "Optimism Bursts Out. SPDR S&P 500 ETF Trust," along with editor Steve Hochberg's full analysis of:
- CBOE put/call ratios,
- NYSE breadth,
- NYSE volume,
- the latest Elliott wave pattern interpretations,
- and much more
online now, in the January 18 Short Term Update. (Also, stay tuned for the next issue, due out Friday evening, January 20.)
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