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 S/R is at 4181.0. Value Areas on Tuesday and Wednesday were generated entirely below that level. I’d want to see that 4181.0 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. 28.76 on Wednesday.
Stocks>50dyma
Nyse 74% (unch), Nasdaq 54% (unch), R2000 58% (from 60%). Numbers >50 are supportive.
