Early last week there was a rejected probe of the 1mn Resistance at 3907. This is still valid Resistance.
Important to note that the 2mn has migrated higher to 3831. This is the level to focus on now and is First Support. ES needs to hold that price to maintain a strong position.
Stocks>50dyma Nyse 73% (from 72%), Nasdaq 60% (from 62%), R2000 74% (from 73%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio fell to 17.3 last week, the lowest since 17th December. Monday’s ratio was 18.6. The Ratio reached 22.66 on 2nd Feb, the highest since February ’20.
