Monday’s Value Area was generated entirely below 4340 (1mn poc) which is a first sign of weakness on the longer timeframe, see yesterday’s comments. Before I can look at new longs now, ES has to recover that level or that controlling price migrates lower and gives us something to work with or ES falls to the next Significant Support which is 4163 (6mn).
Sentiment: On 8th July, my version of the Rydex Assets Ratio reached 34.73, the highest ratio recorded, indicating extremely hot sentiment. Monday’s ratio was 32.2.
Stocks>50dyma
Nyse 20% (from 29%), Nasdaq 24% (from 29%), R2000 19% (from 26%). Numbers >50 are Supportive
