On Monday Aggressive Buying was marked on the SP500 futures (ES). Tuesday’s Value Area was higher. First Level Support is at 3202.50 (12mn poc). Price printing time below that level would now be first sign of weakness. On Tuesday ES reached its highest level since February.
Key charts
FTSE 100: recent multiple rejections at 6312 (1/2R Resistance off last year’s high). Bulls would want to see that level recovered asap. Tested again last week, but not exceeded, and again this week.
DAX: the 4yr is at 12240. Currently DAX prints well above that level in a strong position. Has today printed its highest level since February.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 12.29. As of close yesterday, the ratio has retraced just over one third of its decline from this year’s high; the S&P500 has retraced nearly 90%. As mentioned previously, this is usually a positive indication. 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.
Stocks>50dyma Nyse 63% (from 70%), Nasdaq 65% (from 63%), R2000 58% (from 64%). Numbers >50 are supportive.
