Last week, the 8month migrated to 3106.5, see chart. Today emini SP500 is printing back below that level in a weaker position. Bulls would want to see that level recovered quickly.
Key charts
FTSE 100: upside last seven days has been capped at the 6312, 1/2R Resistance. Lower today.
DAX: the 4yr is at 12240. Today DAX prints just above that level and needs to hold it to retain a strong position.
Sentiment: My version of the Rydex Assets Ratio was higher at 12.26. SPX has recovered more than 80% of its decline from this years high and the ratio less than 30% – this is a positive for the market. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma numbers: Nyse 75% (from 76%), Nasdaq 74% (from 75%), R2000 71% (from 72%). Numbers >50 are supportive.
