Those that follow my personal account on Twitter will be familiar with my weekly S&P 500 #ChartStorm in which I pick out 10 charts on the S&P 500 to tweet. Typically I’ll pick a couple of themes and hammer them home with the charts, but sometimes it’s just a selection of charts that will add to your perspective and help inform your own view – whether its bearish, bullish, or something else!
The purpose of this note is to add some extra context beyond the brevity of Twitter. It’s worth noting that the aim of the #ChartStorm isn’t necessarily to arrive at a certain view but to highlight charts and themes worth paying attention to.
So here’s the another S&P 500 #ChartStorm write-up!
1. The Euphoriameter: First up is a look at what’s down and that’s the Euphoriameter, it has fallen 0.31pts off the high, and while it remains elevated, we have seen a clear reset here from what were arguably too frothy levels. The big open question remains whether this is the peak or just a pullback, and for now it looks like a pullback.
Bottom line: The Euphoriameter has reset from frothy levels.