On 11/04 ES moved into a strong position above the 3366.50 controlling price which is now important LT Support. As long as ES holds the minor Support at 3557 it is in a strong position in the ST.
Bias of the market remains up but if price probes above 3700 this month we should be alert to a rejection. On 11/18, I wrote >>from the distribution analysis there may be a fast rejection if price prints above 3700. That’s an “if” for the moment.<<
Sentiment: My version of the Rydex Assets Ratio was a little lower at 18.84. Monday’s ratio at 19.94 was the highest since February.
