Covering the general market action April into May, a few sector trend breaks, crude oil. Also the highly unusual VIX-SPX 10-day correlation, as well as a review of the more significant 30-day VIX-SPX correlation.
Internals Friday came in with a very strong 1-day overbought condition, probably the strongest since March 21st, 2019 – the very strong day after the March FOMC.
Advancers were more than 3:1 over decliners. All 11 sectors closed higher. The dominant price/volume relationship was one of the strongest in recent history coming in at Close Up/Volume Down, between 65% and 90% of the component stocks that make up the major averages. The first two (advancers/decliners and all S&P sectors up) are necessary for a strong 1-day overbought condition, but the price/volume relationship (also necessary) was the real kicker.
Apologies in advance, this video runs about 30 minutes.