The S&P has had a negative OVI for all but two days in April, and while it isn’t hugely negative, at the same time it’s now forming an extended bear flag like pattern. The only reason it’s not 100% a bear flag is because we’re not in a downtrend. The financial stocks are looking quite similar as you’ll see, except they’ve brokent through their supports already.
SPY
BAC looks similar and broke down on Friday, albeit with an OVI that was only just negative during the same time period.
BAC
Same goes for GS which was more obvious.
GS
More soon!
Guy Cohen
