Early in Monday’s session there was a rejected probe of 3851, the v minor (8day) controlling price. See yesterday’s pre-open comments, highlighted. Following that rejection, ES fell quickly to test the 1mn Support at 3797, again see yesterday’s comments. ES then rallied all the way back to 3851. Levels worked well yesterday. Price printing time above 3851 would suggest further strength but that hasn’t happened yet.
In the longer time-frame, ES is in a strong position if it holds above 3672.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 21.54. Friday’s ratio at 21.91 was the highest since February last year.
Stocks>50dyma Nyse 74% (from 76%), Nasdaq 88% (from 87%), R2000 85% (from 86%). Numbers >50 are supportive.
