I wrote pre-open yesterday that price relative to 3435.5 (the 1 mn controlling price) was important to monitor, see highlighted comments on chart. The entire session was spent below that level in a weak position and the important poc Support at 3370.50 was tested, also mentioned. Monday’s Value Area was generated above that level and so far that Support has held. Time below the poc, which has migrated slightly to 3366.50, would indicate further weakness. Time above 3435.5 would indicate further strength.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 16.11. The ratio reached 17.14 on 10/14, a 7month high. 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.
Stocks>50dyma Nyse 52% (from 64%), Nasdaq 58% (from 68%), R2000 58% (from 67%). Numbers >50 are supportive.
