Although Charts themselves can be made to lie, when you have a multi-trillion dollar beast insisting they ALL go one way or the other.
The Chart of Charts shows
1) All three signal lines are bearish
2) There are not alot of charts currently broken out (rapidly rising or falling)
3) There are not a lot of charts ready to break out.
A bit of Cognitive Dissonance here, as this goes against some other methods I have saying bullish, the main one being expected "rally" on the gov saving the world again by agreeing on the debt non-issue.
Also oversold using a witches brew of indicators.
Put call never ramped up though, I think the last super spike in June just before the bears got pummeled hard, has scared off the bears. But there are not alot of calls either.
PS lots of puts, or a high put call ratio is a call for HBB to ramp the heck out of the market.
Therefore, this indicator is not saying "ramp up".
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Insightful and Useful Comment!