Please read yesterday’s highlighted comments. This week there has been brief tests of the 3220 area of Support but Value Areas have been generated above that level. Price below that, now proven, Support would indicate further weakness. Pre-open today ES prints just above that level.
Stocks>50dyma Nyse 22% (unch), Nasdaq 22% (from 23%), R2000 22% (from 19%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 11.57. 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.
