The 1mn controlling price for the e-mini SP500 migrated to 3797.00 on Tuesday. Value Areas on Wed and Thu were generated above that level which is a positive indication but a day-session close below 3783 (the low of Wednesday’s Buying Day) would indicate lower in the ST.
In the LT, ES is in a strong position if it holds above 3672. Significant Selling (red) being marked below that level would be the first sign of weakness in the longer time-frame.
Stocks>50dyma Nyse 82% (unch), Nasdaq 89% (from 88%), R2000 89% (from 87%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 21.18. Wednesday’s ratio at 21.26 is the highest since February. Retail investors are jumping on this.
