The 3mn controlling price migrated higher to 3672 early last week. We then saw three Value Areas printed entirely above that level which was an indication of strength, see Thursday’s highlighted comments. Monday’s VA gapped higher.
In the longer term ES was having a problem printing convincingly above 3700 but there was no evidence that Sellers had taken control. That would happen if we saw Significant Selling (red) being marked below 3672. See comments on 12/23.
Sentiment: My version of the Rydex Assets Ratio reached 20.59 on 12/18, the highest since February. 18.92 on Monday.
Stocks>50dyma Nyse 82%, Nasdaq 86%, R2000 87%. Numbers >50 are supportive.
