There has been a faster, more convincing, rejection of 3700 than earlier in the month (see previous comments highlighted on chart). With the sentiment measures getting extreme and the time resistance around this date (again, see previous comments) we may see further weakness here so I’m definitely looking for new evidence of Significant Buying (green) before considering new longs.
Sentiment: My version of the Rydex Assets Ratio reached 20.59 on Friday, the highest since February.
Stocks>50dyma Nyse 84%, Nasdaq 85%, R2000 86%. Numbers >50 are supportive.
