Pre-open on 09/21 I identified 3220 as an area of Support. That held last week (+), see Value Areas. Significant Buying was marked twice (+). Monday’s Value Area was higher than any last week (+). Despite the positives I would want to see at least a Value Area printed above the 3370.50 Resistance before considering new longs. Time below the 3220 Support, now proven, would indicate further weakness.
Stocks>50dyma Nyse 35% (from 26%), Nasdaq 36% (from 26%), R2000 32% (from 23%). Numbers >50 are supportive.
Sentiment: 09/25: My version of the Rydex Assets Ratio was slightly higher at 12.85. On 09/01 the ratio reached 14.37, the highest since early March. 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.
Key charts
FTSE 100: is today printing close to 5870, the major poc Support.
DAX: the 4yr is at 12240. DAX has been in a range above that Support for three months.
