SPY Strong Put Call Ratio HIgher August Seasonality Kicks In
SPY remains just below all time highs, despite August seasonality (weakest month of the year) and an elevated put call ratio. The latter spiked above 1.31 on Monday before the opening bell. This should lead to a bounce soon.
A strong US Dollar (96.22) and news driven fear can’t seem to derail the markets. Frankly, that is a bit surprising considering August seasonality. SPY just won’t budge.
SPY Bullish Trend Persists
Despite all of the news spewed out by the financial media and the impending doom over Turkish Lira weakness, the resulting contagion or fear of same can’t seem to derail SPY, NDX, IWM, and NYA.
SPY TICK Cumulative
TICK cumulative persists. As long as this indicator keeps moving higher, it shows institutions are buying more than they are selling. That said, NYAD NYMO remain weak . Breadth could be better.
Sales and earnings continue to buoy the market. The news and the U.S. dollar are headwinds.
Home Depot (HD) beat and guided bullish going forward, just like the majority of US equities during this reporting period. We’ll look to get back in HD sometime today or tomorrow.
Join us at 9:20 AM for the LIVE broadcast.
Happy Trading,
Vinny
https://theclosingprint.com/CV_Blog/august-bull-bear/
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