This market is the epitome of our phrase, "overbought does not mean sell." It just keeps going higher, and now the rally has broadened enough so that the Dow ($DJX; DIA), NASDAQ-100 ($NDX; QQQ) and Russell 2000 ($RUT; IWM) are all doing the same. All of these indices, including $SPX, have made new all- time closing and intraday highs this week.
In 1973, inflation, interest rates, and impeachment dominated headlines during a brutal bear market. Today, a different set of "I's" is making news, yet stocks continue to push higher.
0DTE (Zero Days to Expiration) options have rapidly become one of the fastest-growing areas of the options market. Trading volume in products such as $SPX, SPY, and QQQ has exploded in recent years, bringing increased attention — and controversy — to these ultra-short-term contracts.
Three different internal indicators have generated sell signals over the past week or so, but the most important indicator -- the chart of $SPX remains bullish. When these conditions exist, it is usually the chart of $SPX that wins out.
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With euphoria abounding in the stock market, call buying has been rampant. That has forced the put-call ratios to drop precipitously. The weighted ratio is at a multi-year low, and the standard ratio is heading lower quickly as well. Let’s look at six-year charts for each – and include the CBOE equity-only ratio as well. First, consider the weighted ratio. The graph above goes back to 2019.
