On Friday, ES broke below the 1month Support at 3898 early in the session but recovered. The last eight Value Areas have been generated above this Support which needs to be held if
a strong position is to be maintained in the ST. More important LT Support is at 3831.
Stocks>50dyma
Nyse 76% (from 78%), Nasdaq 65% (from 66%), R2000 74% (from 76%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 21.45. Previous week the ratio fell to 17.22, the lowest since 17th December. The Ratio reached 22.66 on 2nd Feb, the highest since February ’20.
