The Put Call Ratio and TRIN Oscillators turned down today. The chart below shows the Better Put Call Ratio Oscillator has been overextended for a while, but finally turned. Similarly, the Better TRIN Oscillator has turned after a false “wiggle” 6 days ago.
Put Call Ratio Oscillator Turns
However, this latest signal is unconvincing – at the moment. The problem is that today’s down close was on low volume – 1.2 million Emini contracts. The major indices (Dow, NASDAQ and S&P500) were also down on low volume. This is more like a “test” down day to see if supply is present. Let’s see if we get any follow through tomorrow.
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