– State of the Market Address:
- The Dow is back above 24,000
- Shiller’s Adjusted S&P P/E ratio is now at 31.87 Slightly off highs, but still arguably at the highest level in history (if we adjust for 2000 distortions) and still above 1929 top of 29.55.
- Weekly RSI at 52 – neutral. Daily RSI is at 52 – neutral.
- Prior years corrections terminated at around 200 day moving average. Located at around 19,000 today (on weekly).
- Weekly Stochastics at 29 – oversold. Daily at 86 – Overbought.
- NYSE McClellan Oscillator is at +29 – Neutral.
- Commercial VIX interest is now 70K contracts net short.
- Last week’s CTO Reports suggest that commercials (smart money) have, more or less, shifted back into a net bearish position. For now, the Dow is 2X net short, the S&P is at 4.5X net short, Russell 2000 is 2X net short and the Nasdaq is 2X net long.
Having said that, if you would like to find out exactly what happens next based on our Timing and Mathematical work, please Click Here.
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