Is This Widely Ignored Indicator Signaling Investor Complacency?

There has been a recent spike in the number of Unchanged Issues which has, at times, signaled too much investor complacency in the past.
As readers are aware, our biggest stock market concern in recent weeks has been focused on the widespread overly bullish sentiment. Today’s Chart Of The Day presents one further example of potentially too much complacency on the part of investors – at least prior to today’s market plunge. Perhaps the most disregarded yet widely disseminated market statistic is the number of Unchanged Issues on the exchanges on a given day. Everyone focuses (rightly so) on Advancers and Decliners, but mostly ignores the Unchanged Issues. We mostly did as well, until we began to chart them more closely a few years ago.

This post was published at Zero Hedge on Sep 11, 2016.