See yesterday’s comments highlighted on chart. ES opened the session just below the 3370.5 poc and rallied immediately generating a Value Area entirely above that level. That’s encouraging but need Significant Buying (green) marked above that level to consider new longs.
Stocks>50dyma Nyse 56% (from 51%), Nasdaq 43% (from 40%), R2000 45% (from 43%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 12.56. On 09/01 the ratio reached 14.37, the highest since early March. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.
Key charts
FTSE 100: has re-tested the major Support at 5870 this week but it has held so far.
DAX: the 4yr is at 12240. DAX tested that Support in Late July and rallied.
