LIVE MARKETS S&P 500: Bulls get a boost

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  • U.S. equity index futures slip; Nasdaq 100 off ~0.3%
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S&P 500: BULLS GET A BOOST (0900 EST/1400 GMT)

In the wake of Tuesday's strong bounce, the S&P 500 index (.SPX) is only down around 1.3% from its 4,712.02 November 10 record close. read more

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Meanwhile, the 5-day moving average of the CBOE equity put/call (P/C) ratio, which can be viewed as a contrarian measure of sentiment, is suddenly cooperating with bulls read more :


The measure, which had risen to readings of 58% and 58.2% on December 6 and December 16, is now deflating to 51.8%. Of note, since bottoming at 40.2% in mid-June 2020, the P/C measure has ranged between high-30% and low-60% readings.

If this pattern is continuing then the measure appears to have signaled that market sentiment became sufficiently bearish over the last several weeks or so of trading, that the SPX can mount a more sustained recovery.

Therefore, traders will be watching to see if the P/C measure can oscillate back below 40% as the SPX rallies.

A P/C measure breakout much above the low-60% area, however, may instead signal the onset of panic. The measure peaked at 105% on March 17, 2020, in what was a more-than-30% S&P 500 collapse. read more

(Terence Gabriel)



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Terence Gabriel is a Reuters market analyst. The views expressed are his own

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