19th March 2020
Wednesday’s session printed a fifth Value Area below 2719, the major poc. This remains weak price location. The first positive would be ES printing time back above that level.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 4.82. Tuesday’s ratio at 3.35 was the lowest since early 2016. The index reached 28.62 on 12/27, the highest reading in my database. Only twice before had the ratio printed above 26. Once in Jan 2018 and the market sold-off quickly, and once in Aug 2018 after which the market traded sideways for a month and then sold-off.
Stocks>50dyma numbers: Nyse 3% (from 4%), Nasdaq 3% (unch), R2000 3% (unch). Numbers >50 are supportive.
