The Resistance at 3907 is no longer valid. The minor poc has now migrated slightly lower to 3898 and in the dayframe this is Support. Thursday’s Value Area was generated entirely above that level which means ES is in a strong position if it holds.
2month Support is at 3831. ES needs to hold that price to maintain a strong position in the longer time-frame.
Stocks>50dyma Nyse 81% (from 80%), Nasdaq 73% (from 68%), R2000 84% (from 80%). 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 not risen as the market has rallied. This is usually bullish in the ST. The Ratio reached 22.66 on 2nd Feb, the highest since February ’20.
