Bearish Bets Reach New Extremes 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Jim Knarr.
The 21-day moving average of the total Put/Call Ratio has risen to its highest reading since April and now sits above its upper Bollinger Band.
Similar instances in the past have occurred near major market bottoms, though this time appears to be different given the absence of a significant VIX spike.
Much of the recent volatility has been concentrated in the Nasdaq rather than the broader market, but with short interest in U.S. equities continuing to hover near record highs, an upside reversal could trigger a sharp short squeeze.
The Takeaway: Positioning is increasingly bearish, creating another "wall of worry" for the market to climb.
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