Last week’s high came in at the 3387 Resistance (dashed line) but that has now been exceeded. Monday’s Value Area was generated above the 3370.5 poc and Aggressive Buying was marked. These are all positives. A Value Area above 3387 would be the next positive to look for and confirm the Buyers are back in control. Price printing back below 3370.50 would be the indication of further weakness.
Stocks>50dyma Nyse 53% (from 43%), Nasdaq 50% (from 40%), R2000 48% (from 39%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio reached 14.7 on Mondayday, a 7month high. 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.
