In Wednesday’s pre-open comments I said “Price printing time below 3797 would suggest further weakness and a test of the longer-term Support at 3672”. Early in the session there was a rejected probe at that 1mn controlling price and ES declined sharply. Aggressive Selling (red) was marked for the first time since mid November. New longs are eliminated for me at least until Aggressive Buying (green) is marked again.
Sentiment: My version of the Rydex Assets Ratio was lower at 20.2. Down from Tuesday’s ratio at 22.03, the highest since February last year.
Stocks>50dyma Nyse 53% (from 71%), Nasdaq 72% (from 85%), R2000 64% (from 81%). Numbers >50 are supportive.
