Value Areas on Monday and Tuesday have been generated below 3479.0, the minor (12day) controlling price, see Monday’s highlighted comments on chart. Aggressive Selling (red) was marked on Monday. This is a weaker position in the ST. I’d want to see ES back above that level before entering new longs. There is Support at 3387, the 1/2R off September high and price below that level would be a further sign of weakness.
Sentiment: My version of the Rydex Assets Ratio was lower at 15.86. The ratio reached 17.14 last week, a 7month high. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma Nyse 55%, Nasdaq 61%, R2000 58%. Numbers >50 are supportive.
