Monday, June 20, 2022

 The Advance/Decline line seems a bit messy as the market has turned bearish (+0).

 The McClennan summation index has started going negative in late 2021 and is now firmly under zero. This is bearish (-1).

Just like the McClennan summation index, the NYSE New High/New Low index has gone negative in late 2021 and is now deeply negative (-1). There are no marked extreme values in recent history (+0). In the second half of 2021, there were several divergent peaks when compared to the NYSE composite, which is a bearish indicator (-1).

The percentage of NYSE stocks above their 200-day moving average has gone below the 50% threshold at the turn of 2022 and is now at 24 - very bearish (-1).

Finally, the Put/Call ratio of CBOE options has crossed above 1 (bearish) in mid-April and is now at 1.06 and heading up (-1).

The total score is -5 which is Very Bearish, as it has been since mid-February. This suggests the prudent option is to be all cash.



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