ST: Last week there was a rejected test of the 2month control at 4391.50 and ES has rallied strongly from there. There is a minor (10day) control at 4483, useful to monitor price relative to that level for ST positional strength/weakness.
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 was lower at 23.54. SPX has closed higher for five days and over that period the ratio has fallen – that’s normally a bullish ST indiction. On Friday 30th July, the ratio reached 38.57, the highest recorded, indicating extremely hot sentiment.
Stocks>50dyma
Nyse 55% (from 52%), Nasdaq 53% (from 49%), R2000 52% (from 48%). Numbers >50 are Supportive.
