Great chart from @JC_OHara_, Chief Market Technician at MKM Partners, interviewed at Bloomberg:
"Currently, the Put/Call Ratio for the $NDX top 5 weighted names (40% of the index) is telling us that the market is extremely greedy – everybody is on the same side of the trade." pic.twitter.com/Dh8K0jeBqU
— Macro Charts (@MacroCharts) June 30, 2020
— Thomas Thornton (@TommyThornton) June 30, 2020
Big picture $DJIA:
Below Jan 2018 highs, hasn't gone anywhere in 2.5 years.
Blow-off top courtesy Fed repo in Q4/19 into Q1 2020.
Now island reversal and below key resistance.
That's with rates at zero and a $7 trillion+ Fed balance sheet.
— Sven Henrich (@NorthmanTrader) June 30, 2020