In Tuesday’s pre-open comments I said “price printing time above 3851 would suggest further strength but that hasn’t happened yet”. Wednesday’s session didn’t manage to do that and overnight ES has declined again to test the 1mn Support at 3797 again. Price printing time below 3797 would suggest further weakness and a test of the longer-term Support at 3672.
Sentiment: My version of the Rydex Assets Ratio was higher at 22.03, the highest since February last year.
Stocks>50dyma Nyse 71% (from 74%), Nasdaq 85% (from 88%), R2000 81% (from 85%). Numbers >50 are supportive.
