It remains in the positive zone at +6 and extends its bearish divergence.

The bars on the chart are colored red when FGIC is -8 or lower (Extreme Fear) and green when FGIC is +8 or higher (Extreme Greed).  [ Please follow these links: original and update explanations how FGIC works. ] 

The longest period of fearlessness in my 5-year hand-collected database.  We’re on track to beat that record on Thursday.  As you can see above, after the long period of fearlessness in 2017 there was only a short pullback after which the uptrend restarted to reach the February 2018 top. We’ll see whether the next correction will be deeper.

All four timeframes that make up FGIC are now in downtrends, including the slower quarterly.   Bearish divergences persist in all timeframes.

Have a safe trading week

Gianluca L.