By the middle of last week ES had moved into a strong position above the 3366.50 controlling price which is now important Support, see previous highlighted comments on chart. On Monday ES accelerated higher on vaccine news. Tuesday’s Value Area was lower but I will assume an up bias as long as ES holds 3366.50.
Sentiment: My version of the Rydex Assets Ratio was lower at 16.14. Down from 17.20 which was the highest ratio since late February. 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 83% (from 78%), Nasdaq 73% (from 70%), R2000 82% (from 75%). Numbers >50 are supportive.
