Late last week, ES tested the 1month Support at 3898 but recovered. This happened again in yesterday’s session. Currently ES is printing back above 3900. The last nine 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 65% (from 76%), Nasdaq 65% (unch), R2000 60% (from 74%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 18.66. 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.
