Friday’s Value Area was generated entirely below the 3370.5 poc. That’s a weak position. As I wrote pre-open Thursday we need to see “Significant Buying (green) marked above that level to consider new longs”. Pre-open today ES prints just below the poc.
Stocks>50dyma Nyse 48%, Nasdaq 36%, R2000 37%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 12.11. 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 but it has held so far.
DAX: the 4yr is at 12240. DAX tested that Support in Late July and rallied.
