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Tuesday, August 04, 2020 1:47:09 PM
By: Amateur-Investor | August 1, 2020
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As talked about, in the Mid Week Update, the S&P 500 had a key short term support level near 3200. It came close to testing it on Wednesday (point A) but then reversed back to the upside.
Meanwhile, the market is being led by just a few heavily weighted tech stocks. Comparing the Equal Weight S&P 500 to the regular S&P 500 shows the Equal Weight S&P 500 hasn't eclipsed its early June peak (point B) while the regular S&P 500 has (point C).
Finally, investors are certainly very complacent, as the 10 Day MA of the Put to Call Ratio is back near the 0.75 level. Each time the 0.75 level has been reached (points D), corrections have followed (points a to b). Thus, I still think we have to be on the lookout, for another correction, in the coming weeks.
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