I’m on vacation as you know but checked a few levels this morning.
ES: On Tuesday ES briefly tested the major poc at 1094 but recovered quickly.
SPY: Halfway point between the 2007 high and the 2008 low is 112.31. SPY tested that level earlier in the week but has recovered back above it.
I see these two levels as the most important to monitor. Time spent below would be ominous.
On Tuesday, the Rydex timers appeared to capitulate. My version of the Rydex Assets Ratio fell to 1.56 which is the lowest level since September last year. The ratio fell from a level of 3.48 five days earlier.
Bob Debnam