Interesting development on Thursday. The Selling on Wednesday did not see any further downside and enough time was spent at 3796.00 to lift the 5mn controlling price to that level. As long as ES prints above 3796 it is in a strong position – but could be subject to further weakness if it isn’t. Pre-open it is below that level.
Sentiment: My version of the Rydex Assets Ratio was lower at 19.19. Down from Tuesday’s ratio at 22.03, the highest since February last year.
Stocks>50dyma Nyse 59% (from 53%), Nasdaq 74% (from 72%), R2000 67% (from 64%). Numbers >50 are supportive.
