from pre-open 16th April
>>As noted on 6th April “the distribution patterns suggest a move above 4150”, and that has now been achieved. I also wrote “rejection above that level would be likely”. The distribution pattern I’m basing that on is long-term so rejection may not be immediate but this interpretation wouldn’t allow price to print much higher here if correct, or much time printing at or around these current levels. I’m staying bullish with the trend but will change that view very quickly with a RTH close below 4115.50 (dashed line), the low of the most recent Buying Day (Tuesday).<<
Sentiment: My version of the Rydex Assets Ratio reached 29.12 on 04/13 (Tuesday). This is the highest reading ever and a truly extreme reading. Friday’s ratio was lower at 25.85.
