See yesterday’s pre-open comments, highlighted on chart. I wrote >>Market “may” be in an acceleration move into a top, therefore I have moved a trading stop (daily time-frame) to a day-session close below 3534 which is the low of yesterday’s Aggressive Buying day<<.
That certainly occured with yesyerday’s sharp sell-off. Aggressive Buyers have been severely disrupted. There is Support at the 3370.50 poc but it is relatively minor. New longs now eliminated for me. Aggressive Buying (green) marked above 3370.50. or Aggressive Selling marked below it would be useful guidance.
Stocks>50dyma Nyse 65% (from 74%), Nasdaq 57% (from 66%), R2000 59% (from 67%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 13.99. Tuesday’s ratio at 14.37 was the highest since early March (a six month high). 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.
