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McMillan Analysis Corp - Weekly Stock Market Commentary 12/11/2020

posted by Volatility Capture Overlay
4yrs ago 206

All of the major averages have made new all-time highs this week: $SPX (SPY), $DJX (DIA), $NDX (QQQ), and yes, even $RUT(IWM). In fact, IWM is outperforming the rest at this time, for the first time in a long while.


$SPX has support at 3644 (the highs of Monday, November 9th when Pfizer announced that they had a vaccine), and that has been tested several times. A close below there would be a bit negative, but that is merely where the rising 20-day moving average is ($SPX has not even touched that MA since November 4th). Below there, support exists at 3550, and that is the one that seems to be more important. A close below there would turn the $SPX chart negative.


Equity-only put-call ratios remain on buy signals, as they continue to decline. The standard ratio has now fallen below last September's lows and is at the lowest levels since February 2000. In essence, the call buying mania continues, and that has made these indicators very overbought, but they will not generate sell signals until they roll over and begin to rise.


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ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.