The 1mn controlling price migrated to 3797.00 last week, see previous, highlighted comments. During Tuesday’s session ES rallied to find Resistance at that level, see chart. Wednesday was strongly higher and Aggressive Buying (green) was marked. In the ST, price printing time back below 3797 would be the first sign of weakness.
In the longer time-frame, ES is in a strong position if it holds above 3672.
Stocks>50dyma Nyse 82% (from 79%), Nasdaq 88% (from 86%), R2000 86% (from 85%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 20.30. The ratio has fallen this week as the market has moved strongly higher. That’s uaually a positive in the ST. The ratio reached 21.26 on 01/13, the highest since February.
