This indicator (click on graph to enlarge) has a good batting average in recognizing near term market moves --up or down.
It rose in April to signal a market rally was underway.
In May it turned down to confirm the market was correcting.
In the past few days it jumped again. It is acknowledging the market is strong.
The time to worry is when this gauge declines below 0.5.
More, much more when you subscribe to The Peter Dag Portfolio on https://www.peterdag.com/.
George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
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