Wednesday’s Value Area was printed above the 3387 Resistance (dashed line) which, as I wrote a week ago, would be confirmation that Buyers are back in control, see previous, highlighted comments. Bulls would want to see that Support hold, but certainly holding above the short-term (1mn) poc at 3354.50.
Breadth numbers have improved, see below.
Stocks>50dyma Nyse 57% (from 50%), Nasdaq 59% (from 51%), R2000 56% (from 48%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 14.94, 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.
