$NYMO (McClellan Oscillator):
After trying to move towards the zero line, the McClellan Oscillator (NYMO) ended the week -33.40 after being -105 the prior week intraday. The McClellan Oscillator is oversold but has room to go much lower, if need be.
$NYSI (not shown) continues to fall. Still no turn yet.
VIX:VXV Ratio (Volatility Term Structure):
The VXV is the 3 month volatility index. The relationship between VXV and VIX (30 day volatility) or the ratio between them if > 1.00 often spells trouble for equities.
As mentioned in the multi-year view from inception, this ratio moved lower towards the neutral zone at 0.9126 but has ever since made a turn higher. It ended the week at 0.974. Any turn that is made from this neutral zone can be tricky. Perhaps volatility is here to stay a bit. Keep an eye on what this does. Watch that VIX!
You can read more of my weekly analysis on my website. Thanks for reading and have a great week.
The author has a position in S&P 500 related securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.