The SPY put-call ratio is up today to 2.48 on a truly massive drop in open interest. Normally that would be quite high, but the ratio’s 20 dma has been high for so long that it doesn’t look very high on the chart.
SPY put volume was off by 19%. SPY call volume was off by 36%.
The CPCE pierced its top Bollinger Band (the bands are quite tight right now). And the CPCI (below) got moderately bearish as well.
Usually when all three of these indicators get bearish together, it means an up day for the SPY price will follow. That’s no big surprise, as SPY has a mandatory megaphone retrace and ES has the right shoulder of a potential head and shoulders to put in.
But bears want to see that ES right shoulder top at around 1995, with the SPY wave up topping at the megaphone VWAP at roughly 200.
IWM’s put-call ratio is quite high at 2.72. QQQ’s is neutral.