Early last week there was a rejected probe of the 1mn Resistance at 3907. This is still valid Resistance and was probed again on Wednesday. 2month Support is at 3831. ES needs to hold that price to maintain a strong position.
Stocks>50dyma Nyse 80% (from 76%), Nasdaq 68% (from 65%), R2000 80% (from 77%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio fell to 17.3 last week, the lowest since 17th December. This week the ratio has fallen while the market has risen. This is usually bullish in the ST. The Ratio reached 22.66 on 2nd Feb, the highest since February ’20.
