The 1mn controlling price migrated to 3797.00 on Tuesday, see yesterday’s comments. Wednesday’s Value Area was generated above that level and Aggressive Buying (green) was marked, both indications of strength. That view goes wrong with a day-session close below 3783, the low of yesterday’s Buying Day. Price relative to 3797 is worth monitoring, above/below = strong/weak in the ST.
In the LT, ES is in a strong position if it holds above 3672. Significant Selling (red) being marked below that level would be the first sign of weakness in the longer time-frame.
Stocks>50dyma Nyse 82% (unch), Nasdaq 88% (from 90%), R2000 87% (from 88%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 21.26. That’s the highest since February. Retail investors are jumping on this.
