4/14/20 MARKET CLOSE Update - INTERNALS

Very notable internal readings today - something larger starting to brew.


TRIN: You will see that the SPY was really bearish all day. That is because of banks the rest of the index were trash but the FAANGM and Semiconductor space were ablaze. Small Caps and DIA were neutral/bearish. Look at QQQ - damn. ALL BULLED UP. Total fire drill.

Takeaway: Tech stocks were chased in mass b/c AMZN and NFLX making new all-time highs. Otherwise these would have been trashy.


ADVANCERS/DECLINERS: Advancers were the major in so much that it didn't have a red slice at some points in QQQ today...value over momentum my ass.

Takeaway: FAANGMs setting the pace and IWM and DIA still struggling.


NYSE ADVANCERS/DECLINERS: This was stronger today but is starting to run into momentum resistance and still well below the MSL.

Takeaway: Still under the first level of resistance with more overhead.


CUMULATIVE VOLUME: Nothing to see here as volume was better than yesterday but wasn't broad - all of it was in the FAANGMs and Semiconductors.

Takeaway: Too little to make anything of and in the resistance area.


ABSOLUTE BREADTH: Followed through today and heading for more volatility. This is extreme volatility we are seeing (to the buy side right now) but still max vol.

Takeaway: Headed back to extreme volatility - strap on the seat belt.


MCCLELLAN OSCILLATOR: Top? Hold my beer...

Takeaway: Headed to the Rare Air again? Oh my.


INTERNALS Summary: Internals are heading to extremes - TRIN, McOs, Absolute Breadth, etc. This looks like we are revisiting massive extreme displacements just on the other end of the curve. Bulls on parade today but they might want to get seat belts strapped.

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