The 3mn controlling price migrated higher to 3672 earlier in the week. Price relative to that level is important to moniotor. Strength is indicated if ES is printing above that point. Wednesday’s Value Area was printed entirely above that level.
In the longer term ES appears to have a problem printing convincingly above 3700 but there has been no downside follow-on since Monday’s decline. I would still be looking for new evidence of Significant Buying (green) before considering new longs but there is no evidence either that Sellers have taken control. That would happen if we saw Significant Selling (red) being marked below 3672.
Sentiment: My version of the Rydex Assets Ratio reached 20.59 on Friday, the highest since February. 20.03 on Wednesday.
Stocks>50dyma Nyse 81%, Nasdaq 86%, R2000 85%. Numbers >50 are supportive.
