The distribution patterns suggest a move above 4150 but rejection above that level would be likely. Price back below 3897, the 7-month Support, would indicate a change in trend in the longer time-frame.
Stocks>50dyma
Nyse 79% (unch), Nasdaq 65% (from 61%), R2000 71% (from 68%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio spiked up on Wednesday to 27.76. This is an extreme reading. There are only two days in my entire database that have a higher ratio than this, both in December 2019. Many Sentiment indicators have reached extreme readings recently but this one (an important one) had not. Now it has. Thursday’s ratio was lower at 24.41.
