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 40 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. The 6dy control moved to 4453.5, price relative to that level today could be useful to monitor, i.e. above = ST strong position.
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. Monday’s ratio was 23.45
Stocks>50dyma
Nyse 53% (from 54%), Nasdaq 44% (from 46%), R2000 47% (unch). Numbers >50 are Supportive. Numbers >50 are Supportive.
