The market is finally oversold but it is not a great reading as you can see in the chart below.
Below is the raw data that goes into this indicator. We will be dropping moderately negative readings for the next 4 days and for 6 out of the next 10 days. At a good oversold reading we generally drop a lot of large negative numbers, which we do not see here.
The put/call ratios are not giving a strong signal either but are closer to buy signals than sell signals. Below is the 10 day moving average of the CBOE put/call ratio. All the put/call ratios look similar, whether one looks at equity only or the ISE readings.
All in all the data I presented does not make a table pounding case for stocks. But it is enough to leave me with a short term bullish bias for the next few days.
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