I’ve been writing that “First sign of weakness in the LT would be a Value Area printed entirely below 4391.50, the 2month control”. That was a possibility yesterday but didn’t happen. Significant Selling (red) was marked for the first time in 42 days on Wednesday, but this took place above 4391.50; red below that level would be more of a concern in the LT.
Sentiment: On Friday 30th July, my version of the Rydex Assets Ratio reached 38.57, the highest ratio recorded, indicating extremely hot sentiment. Thursday’s ratio was 31.33.
Stocks>50dyma
Nyse 38% (from 46%), Nasdaq 33% (from 40%), R2000 32% (from 40%). Numbers >50 are Supportive. Numbers >50 are Supportive.
