Value Areas on Monday and Tuesday were generated back above the 3370.5 poc. That’s a stonger position. As I wrote pre-open Thursday we need to see “Significant Buying (green) marked above that level to consider new longs”. Markets are waiting for the Fed today but a Value Area generated above 3396.0 (15dy poc) would be provide more evidence that the Buyers are re-establishing control in the ST.
Stocks>50dyma Nyse 55% (from 56%), Nasdaq 46% (from 45%), R2000 46% (from 47%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 11.74. 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: has re-tested the major Support at 5870 but it has held so far.
DAX: the 4yr is at 12240. DAX tested that Support in Late July and rallied.
