Af Lawrence G. McMillan
After bouncing off of support at 4370 last week (the third time that $SPX has found support at that level –meaning it is now extremely important support), $SPX rallied to new intraday and all-time highs. The NASDAQ-100 ($NDX; QQQ) did the same, but the Dow ($DJX) has lagged behind.
Støtteniveauerne er markeret med røde vandrette linjer på diagrammet i figur 1, men den eneste, der betyder noget, er 4370. Hvis det er brudt, kan de andre falde hurtigt derefter. Men så længe $SPX forbliver over 4370, er diagrammet bullish.
Since the chart of $SPX is the most important indicator, this means that a “core” long position should be maintained.
Equity-only put-call-forhold er blandede. Standardforholdet (figur 2) ruller gradvist til et købssignal. Det vægtede forhold (figur 3) har netop lavet en ny relativ høj, så den forbliver på et salgssignal.
Breadth improved dramatically over the 4-day trading period beginning with last Friday, August 20th. Even so, the oscillators are split, with the “stocks only” being on a sell, while the NYSE oscillator is on a buy signal.
The most recent $VIX “spike peak” buy signal occurred just a week ago, on August 20th. The trend of $VIX is lower as it remains below the declining 200-day moving average, and so does the 20-day MA of $VIX. Those are all bullish signs for stocks.
In summary, retain a “core” long position because of the positive nature of the $SPX chart. If support at 4370 is broken, that would be a big negative. Meanwhile, confirmed signals in both directions can be traded around that “core” position.
Denne markedskommentar er en forkortet version af kommentaren i Optionsstrategens nyhedsbrev.
Kilde: https://www.optionstrategist.com/blog/2021/08/weekly-stock-market-commentary-8272021
