Finally, some volatility!

By Lawrence G. McMillan

The market continues to sell off today, extending what began shortly after the Fed minutes release yesterday afternoon.  This morning's economic numbers provided no relief with unemployment claims and the Philly Fed index numbers coming in worse than expected.  The gap lower and open at the high are very weak signs in terms of price action, though it will take a close below $SPX 1495 to confirm a bearish outlook in terms of price alone.  

Both equity-only put-call ratios managed to hold buy signals in terms of the computer analysis.  However, visually both charts look nearly identical with a distinct upwards "curl" having developed from very low levels, this is the making of a sell signal.

Market breadth is strongly negative again today...

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