There have been 10 consecutive Value Areas generated above 3898, the 1month Support. However ES closed below that level yesterday and pre-open today is printing lower. ES needs to recover that level to maintain a strong location in the ST, or a test of the more important LT Support at 3831 would be expected.
Stocks>50dyma
Nyse 62% (from 65%), Nasdaq 47% (from 65%), R2000 54% (from 60%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.2. 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.
