The S&P 500 closed the week on a strong note and at a record level although breadth wasn’t that impressive: 2238 stocks advanced compared to 1881 that settled down; on the Nasdaq, breadth was negative. Nevertheless, the cumulative advance/decline line measured by its 10 day oscillator is overbought. Options trading was neutral with some improvement in put/call ratios. The Vix continues to slide indicating that the risk perceived by market participants is declining, this is confirmed by the latest bull/bear ratio among private investors we mentioned last week. Complacency is observed across the board, a warning sign.

Very short term oscillator	Positive +
Short term oscillator	Positive +
RVI trend	Positive +
Trend short term (5 days)	Up ​​
Trend mid term (8 days)	Up ​​
Differential of trends	Up ​​
Risk profile	78 (scale of 1 (low risk) to 100 (high risk))