As discussed, I was inspired to put to together a new panel of market internals last weekend.
The chart is interesting since we can see that 52-week new highs and lows plus the total CBOE puts and calls. In fact, the last expiration of options was made on the largest volume I could see going back in time. Now isn't that something!
Of course, there is now also a glaring divergence in the 52-week new highs in that the NYSE was unable to register a number over 600 on this last move up...
It's been a while since we looked at the weekly $VIX and $VXN charts. What's interesting is the fact that the divergence between the 5-period RSI and both $VIX/$VXN has not gone away. In fact, they've registered another warning in the form of an uphook from under the 30 line. We discussed this a long time ago, how divergences are like a series of warning bells, rather than a concrete "ding" to buy and sell. After a number of alarms, we have to pay attention.
04.02.03 09:30 #