On 03/26 a Value Area was generated back above 3897. This represented a rejected test of that controlling price in the longer time-frame which is often a bullish pattern. As long as 3897 holds the distribution patterns suggest a move above 4150 but rejection above that level would be likely. Note also Sentiment, below.
Stocks>50dyma
Nyse 79% (from 82%), Nasdaq 61% (from 65%), R2000 68% (from 73%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio spiked up on Wednesday to 27.76. This is an extreme reading. There are only two days in my entire database that have a higher ratio than this, both in December 2019. Many Sentiment indicators have reached extreme readings recently but this one (an important one) had not. Now it has.
