BraVoCycles

SPX / VIX ratio spiked over the Keltner channel.

This indicates that a potential reversal in SPX is nearing, but it is not an accurate short-term indicator.

SPX technical analysis tidbits

1) $SPX is finding support at the top of Keltner channel, for now; eventually it will traverse to the bottom of the channel

2) Last week's spike high over Keltner, shows notable negative divergence with RSI and Chaikin Money Flow (and other) technical indicators

3) Straight-up rally after the FED meeting was on declining volume; likely a lot of short covering, in addition to buy the dip and "bargain" hunting buys

4) Early April gap is a magnet

BofA Bull & Bear Indicator is Extremely Bullish

From a contrarian perspective, this is extremely bearish.

I wonder who the participants are in the BofA survey?

AAII Bull-Bear Survey

The number of bulls among individual investors jumped over 50% in two weeks, from 29.6% to 37%

This is still well below the July and January peaks of 44.9% and 49.5%

National Association of Active Investment Managers Survey

Investment managers are pulling in their horns.

There's a notable negative divergence between the NAAIM Index and SPX.

This setup is similar to February 2025, which preceded a significant drop in SPX.