Pre-open Friday 21st August
See previous, highlighted comments. Thursday’s session generated a lower, wider Value Area and Aggressive Selling (red-at-bottom) was marked. The 10mn VAL at 2045.00 was broken but the VAL was printed above this level.
Bulls would want to see fast rejection if ES prints below 2045.00 post-open.
Second Level Resistance = 2095.00 (maj poc)
First Level Resistance = 2067.50 (1/2R)
Momentum (PriceOsc) is negative for all four Stock Index ETFS AND has turned lower again. Breadth numbers weakened again yesterday, see below.
Stocks>50dyma numbers: Nyse 27% (from 36%), Nasdaq 25% (from 33%), R2000 25% (from 33%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 9.04. The eight month low is at 8.67 (07/14). On Monday Bear Fund Assets rose sharply to an eight month high.
