...we have never seen price and breadth move in opposite directions more than we have this year up to this point.
PremiumOne of the realities of a market with extreme dispersion is that it often sees price and breadth move in opposite directions.As BTIG's Chief Technical Strategist, Jonathan Krinsky, points out, that's what keeps the index relatively calm despite significant moves below the surface.
...starting to see a more defensive trade below the surface with low-vol stocks breaking out, while high-beta stocks are breaking…
...there are many aspects to the recent price action that certainly rhyme with prior such cycles.
Single stock volatility has never been as elevated relative to index volatility...
Back to 1996, SPX has never had six straight positive days when every day had more decliners than advancers...
"...the extreme volatility, combined with historic dispersion as signs that a broad-based pullback is likely underway."
The market isn't panicking lower. It's panicking both ways. Negative gamma, leveraged ETF exposure and growing uncertainty…
