The market is still bullish even after the Fed giving up on near term rate hikes. No rate hikes are again good news! However, the markets are getting over extended in the short term. The Market Forecast posted a bullish cluster last week and almost again today.
The SKEW has come back down to 125 or so, but volatility actually rose today when the markets climbed higher.
Put/Call ratios are bullish and not signalling an overbought state in the market. Breadth indicators are also bullish.
The bullish end-of-May through begining-of-June period is coming to an end. Lackluster trading through the dog days of summer is likely ahead. If no news is good news, then the market will likely continue to drift higher.
