emini ES 24th March 2020 from ChartProfit
Monday’s session set a new low for this sell-off and generated the eighth consecutive Value Area below 2719, the major poc. Consolidating below a major poc is a weak sign. The first longer-term positive would be ES printing time back above that level. Overnight there has been a strong bounce with ES printing back above 2330.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 4.31. Last week it fell to 3.35, the lowest since early 2016. The index reached 28.62 on 12/27, the highest reading in my database. Only twice before had the ratio printed above 26. Once in Jan 2018 and the market sold-off quickly, and once in Aug 2018 after which the market traded sideways for a month and then sold-off.
Stocks>50dyma numbers: Nyse 1% (from 2%,) Nasdaq 3% (unch), R2000 3% (from 2%). Numbers >50 are supportive.
