The CPC put/call ratio drops to 0.78 the other day verifying the complacency and fearlessness in the US stock market. The dip-buyers return in force last week creating an upside orgy in stocks. Many think the all-clear is given and are not bothering to hedge positions instead simply going long and strong. It is bull party time.
The CPC shows the complacency like prior times so it is a question of whether the top in the stock market is now, or, if the CPC will come back down for a lower low as the upside stock market rally tops out this week. The SPX 4600-ish is strong price resistance, back it off to the 4580 level which would be a logical top anywhere between here and there. If 4580 is taken out and price closes above for a couple days, the S&P 500 will head higher and probably top-out at 4620-ish.
Traders are the most complacent since the stock market top at the start of the year. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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