The market is finally staging a strong rally. Is it just a “Turnaround Tuesday” thing, or have the bears fumbled the ball (they weren’t moving it very well anyway)? I’m sure there’s plenty of room for debate regarding either of those stances, and both are probably true to some extent.
Today’s move solidifies support on $SPX at 1295-1300, and that remains an important area. On the upside, the important level to overcome would be the 1330 level.
Equity-only put-call ratios remain on buy signals. It may seem strange to some that these haven’t wavered at all in their bullishness, even though the market sold off pretty hard over the last 10 days...
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