the single internal shown on this chart below which smoothes the SPX minus the OEX new 52-week intraday price highs Count each day with the 10-day moving average can help us see what is supported during advances and what is supported during declines by this one internal -
the OEX to SPX daily closes ratio for potential top spotting regions at high extremes and bottom spotting regions at low extremes ...
no doubt the SPX price direction is being led since at least November 2016 by the 100 stocks in the OEX which are the largest market cap dollar size stocks in the SPX and represent the by far the majority of SPY and $SPX price value each day
McO moving average smoothing for the daily NYSE common stocks only data set -
US equity market bulls would optimally like to see this McO smoothing return to a lasting upside direction for a period of time, especially in late January and in February
this is the CUMULATIVE McO plot, so it is slower to change direction than a plot of the smoothed daily McO
slow to update daily chart for the S&P Composite 1500 index with internals for this index which are updated once daily many hours after each day's market close
* early December 2019 was a major dip buying oppt'y, while early January 2020 was a minor dip buying oppt'y ... then March 2020 sees dip buyers in action again at much lower price levels