I’ve written that I’m staying bullish with the trend but would change that view very quickly with a RTH close below 4117.50 (dotted line), the low of the most recent Buying Day. I stay with that view.
The 1mn Support is at 4181.0. Tuesday’s Value Area was generated entirely below that level. I’d want to see that level recovered before initiating new longs.
Sentiment: My version of the Rydex Assets Ratio reached 30.77 last week. This is the highest ratio ever and a truly extreme reading. 29.47 on Tuesday.
Stocks>50dyma
Nyse 74% (from 77%), Nasdaq 54% (from 59%), R2000 60% (from 65%). Numbers >50 are supportive.
