I’ve been writing that “First sign of weakness in the LT would be a Value Area printed entirely below 4391.50, the 2month control”. That is a possibility today with ES printing below 4360 pre-open. Significant Selling (red) was marked for the first time in 42 days yesterday, but this took place above 4391.50; red below that level would be more of a concern in the LT.
Sentiment: On Friday 30th July, my version of the Rydex Assets Ratio reached 38.57, the highest ratio recorded, indicating extremely hot sentiment. Wednesday’s ratio was 30.44.
Stocks>50dyma
Nyse 46% (from 53%), Nasdaq 40% (from 44%), R2000 40% (from 47%). Numbers >50 are Supportive. Numbers >50 are Supportive.
