Hertler Market Signal Update #952 

12/20/2020

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Hertler Market Signal Update

#952 December 20, 2020

The SMI, LMC and EMC are bullish. Sentiment indicators are mixed.

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S&P 500 vs Smart  Money Index

©2020 Hertler Market Signal.com.
www. hertlermarketsignal.com

___SMI 50-DMA

___SMI 200-DMA

The Smart Money slipped to a new low The SMI has been trending inversely to the S&P. 

So, the SMI remains bullish.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.com.
www. hertlermarketsignal.com

S&P 500 vs LMC

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___LMC 50-DMA

___LMC 200-DMA

The late market component (LMC) of the Smart Money Index was little changed last 

week and is just above its low. The LMC has been trending opposite the S&P 500. The LMC is 
bullish.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.com.
www. hertlermarketsignal.com

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___EMC 50-DMA

___EMC 200-DMA

S&P 500 vs EMC

The EMC (early market component of the SMI) was nearly unchanged at its high.  

Although in theory the EMC is supposed to represent the dumb money – the emotional traders – 
it is apparent that the EMC has been correlated well with the S&P. The EMC is bullish.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.c om.
www. hertlermarketsignal.com

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JIA

Small Caps vs  Ratio of Russell 2000 Small Caps to  DJIA

The small cap/DJIA ratio has been in a down-trend for over 3 years. It surged to a new 

high in the uptrend that began on March 18, 2020. It is bullish.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.c om.
www. hertlermarketsignal.com

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NASDAQ Comp vs Ratio of NASDAQ Comp. to S&P 500

The ratio of the NASDAQ Composite to the S&P surged to a new high above its short 

term rising channel. It is bullish.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.com.
www. hertlermarketsignal.com

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NYSE Composite vs Fear Index

___Fear 5-DMA

The Fear Index 5-day moving average turned up from a low last week, but the 50-DMA is 

continuing to fall. 

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.c om.
www. hertlermarketsignal.com

NYSE Composite vs Optimism Index

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The Optimism Index fell last week. But, it remains far below past major peaks of 

optimism. Highs in the Optimism Index often occur prior to stock market highs. Lows occur at 
market lows. 

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.c om.
www. hertlermarketsignal.com

S&P 500 vs S&P 100 Option 15-Day Put/Call Ratio

The "smart money" OEX Put/Call Ratio is
Bearish above 1.4 and Bullish below 1.0.

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The smart money OEX put/call ratio has fluctuated in a range that can be defined as 

bearish above 1.4 and bullish below 1.0. It fell further below 1.0 and is bullish.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.c om.
www. hertlermarketsignal.com

S&P 500 vs Equity Put/Call Ratio

Recent low in the equity put/call ratio is lower than recent values that marked S&P 500 

highs.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.c om.
www. hertlermarketsignal.com

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DJIA vs Interday Volatility of DJIA

The 10-Day Interday Volatility remains low. Maxima often correspond to market lows and 

vice versa.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.c om.
www. hertlermarketsignal.com

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DJIA vs Intraday Volatility of DJIA

The 10-day Intraday volatility has been was little changed last week and remains low.

Hertler Market Signal Update #952 

12/20/2020

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©2020 Hertler Market Signal.com.
www. hertlermarketsignal.com

S&P 500 vs AAII Member Bulls Minus Bears

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The AAII member bulls minus bears fell last week but remains very high.  It is bearish.

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