Back on 6th April I noted that distribution patterns suggested a rally above 4150 but that the probe above that level would likely be rejected.
That seems to have played out so far. I’ve also written that I’m staying bullish with the trend but would change that view very quickly with a RTH close below 4115.50 (dashed line), the low of the most recent Buying Day. If we see that I would expect a test of the more important Support at 3897.50.
Sentiment: My version of the Rydex Assets Ratio was lower at 29.85, having reached 30.3 on 04/19. That’s the first time the ratio has been above 30.
Stocks>50dyma
Nyse 65% (from 76%), Nasdaq 46% (from 57%), R2000 51% (from 51%). Numbers >50 are supportive.
