from pre-open 19th Aug >>Significant Buyers are still responding to minor opportunities and until that dynamic changes I assume they remain in control.<< That remains the case. Last week there were three rejected tests of the 3370.50 First Level Support but all five Value Areas were printed above that level. ES is auctioning out to new highs today looking for Sellers.
Key charts
FTSE 100: recent multiple rejections in June/July at 6312 (1/2R Resistance off last year’s high). This indicated weakness and FTSE sold off to test the major Support at 5870 in late July – that has held so far.
DAX: the 4yr is at 12240. DAX tsted that Support in Late July and rallied.
Stocks>50dyma Nyse 63%, Nasdaq 60%, R2000 60%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 13.59. 08/17 the ratio at 13.73 was the highest since early March. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.
