Equity-only put-call ratios both on confirmed sell signals

By Lawrence G. McMillan

The pressure that has been building is weighing more heavily on the market now.  This will be the 10th day in the last 11 that “stocks only” breadth has been negative (unless there is a monster rally this afternoon).  As a result, that breadth oscillators is approaching oversold territory.  It’s been quite some time since anything has been oversold, as far as the major averages go.  The NYSE-based breadth oscillator will also remain on a sell signal, and it might also reach oversold territory, for declines are outpacing advances today by a 11-to-1 ratio right now.  In fact, this might be a “90% down day,” when all is said and done.

Equity-only put-call ratios are both on confirmed sell signals now, and that is a very important statistic.  The $SPX index itself has finally touched its 20-day moving average.  It if closes below that average, then...

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