Last week, the 8month migrated to 3106.5, see chart. Today ES is printing below that level in a weaker position. Price printing above that Resistance would be further bullish price action.
Key charts
FTSE 100: upside last five days has been capped at the 6312, 1/2R Resistance. Price above that level would be a general positive.
DAX: the 4yr is at 12240. Again, Price printing time above that level would be a positive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.86. SPX has recovered more than 80% of its decline from this years high and the ratio less than 30% – this is a positive for the market. 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 numbers: Nyse 75%, Nasdaq 74%, R2000 70%. Numbers >50 are supportive.
