On Monday there was a rejected probe of the 1mn Resistance at 3907, and ES has declined from there. On Thursday the Support at 3797 was broken. ES has today rallied back above that level and needs to hold it to maintain a strong location. If the decline continues there is previous poc Support at 3683.5 but below that the obvious major Support is at 3368.
Stocks>50dyma Nyse 62% (from 69%), Nasdaq 56% (from 65%), R2000 69% (from 74%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 19.48, from 17.3. Higher on a day when the market was lower, that’s usually a negative in the ST. The Ratio reached 22.66 on 2nd Feb, the highest since February ’20.
