Replies to post #32362 on Market Direction and Stock Trends

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Weekend Analysis by Amateur-Investor
By: Amateur-Investor | August 15, 2020

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The S&P 500 is back near it all time high which was 3394 back in February. Meanwhile, there is a trend line, which has been in place since May with support around 3300.

Meanwhile, investors continue extremely complacent, as the 20 Day MA of the Put to Call is now well below the 0.80 level (purple line). Since the 2009 low, each time this level has been reached or exceed (points A), corrections have followed.

So far the market has avoided a correction but I can't imagine one isn't going to occur before much longer. A potential target would be at the 23.6% Retrace from the most recent high near the 3100 level.

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