Early last week there was a rejected probe of the 1mn Resistance at 3907, see arrow on chart. ES declined from there and on Thursday broke the Support at 3797. However, on Friday ES recovered that Support which needs to hold if ES is 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 72%, Nasdaq 62%, R2000 73%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio fell to 17.3 last week, the lowest since 17th December. The Ratio reached 22.66 on 2nd Feb, the highest since February ’20.
