Searching for signs of capitulation
Small retreat; even smaller surrender
S&P 500 on track for its 2nd straight weekly close below the 20-week moving average. The last time that happened was April/May. We did get an "Extreme Fear" reading in the CNN survey the first time this year. And as we have written a lot about, the cost of protection is near the most expensive levels in history. However, there are still an uncomfortable amount of indicators that are far from capitulation levels. Let's have a look.