Following the test of the 3672 major Support overnight on Monday, ES has recovered back above 3797, the 3mn. In fact yesterday’s Value Area was generated entirely above that level. This is a strong position (see yesterday’s comments) with First Level Support at 3797.
Stocks>50dyma Nyse 62% (from 56%), Nasdaq 79% (from 74%), R2000 73% (from 67%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 20.7. Last week the ratio reached 22.03, the highest since February last year.
