ST: As mentioned pre-open on Monday the First Resistance this week is 4482.0. That level rejected price on Monday and Tuesday and capped the upside on Wednesday. I thought we would 4430 tested at a minimum this week but here we are testing the Resistance again.
LT: The first sign of weakness in the LT would be a Value Area printed entirely below 4391.50, the 2month control.
Sentiment: my version of the Rydex Assets Ratio is at 36.73. Down from 38.63 last week, the highest ratio ever, indicating extremely hot sentiment. imo we need to watch for topping indications (see LT above) but there could be a blow-off move first.
Stocks>50dyma
Nyse 46% (from 40%), Nasdaq 45% (from 40%), R2000 43% (from 36%). Numbers >50 are supportive
