Monday’s session generated a higher Value Area and Aggressive Buying was marked. The low on 07/09 was a test of First Level Support at 3106.50. That held, and on smaller timeframe charts, e.g. 5 minue, the First Level Support has now moved up to 3202.50 (12mn poc). Price printing time below that level would now be first sign of weakness. Pre-open today ES has reachyed its highest level since February.
The first minor sign of weakness would be a day-session close below the low of the 07/10 Buying Day at 3126.50. As long as ES holds 3106.5 it is in a strong position in the ST. Longer-term Support is at 2926, the 2yr.
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 Monday and today.
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 12.19. 07/10 the ratio reached 12.96, highet since 5th May. 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.
