First sign of weakness in the LT would be a Value Area printed entirely below 4391.50, the 2month control. Significant Sellers (red) have not been marked for 39 days.
Aggressive Buying (green) was marked on Thursday. A RTH close below the low of that Buying Day, 4430.0 (dashed), would be an indication of weakness in the ST. First Level Support this week is the minor level at 4440.
Sentiment: On Friday 30th July, my version of the Rydex Assets Ratio reached 38.57, the highest ratio recorded, indicating extremely hot sentiment. In the ST, the ratio fell sharply at the end of the week, down to 20.6, the lowest since April 1st – this as SPX reached another new high, a pattern that’s usually bullish in the ST.
Stocks>50dyma
Nyse 54% (from 55%), Nasdaq 46% (from 49%), R2000 47% (from 51%). Numbers >50 are Supportive. Numbers >50 are Supportive.
