On Thursday ES opened the day-session above the 3907 Support and then immediately broke it, see yesterday’s comments.
The session closed below the low of Wednesday’s Buying Day low which is a weak pattern. Aggressive Buying days usually indicate higher. These were Significant Buyers and they have been disrupted.
In the longer term the Major Support at 3797 held on the recent decline.
Stocks>50dyma Nyse 71% (from 79%), Nasdaq 71% (from 81%), R2000 77% (from 86%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 20.34. The Ratio reached 22.66 on 2nd Feb, the highest since February ’20.
