On Monday Aggressive Buying was marked. First Level Support is at 3202.50 (12mn poc). Price printing time below that level would now be first sign of weakness. There is v minor (4day) Support at 3264. On Wednesday ES reached its highest level since February.
Key charts
FTSE 100: recent multiple rejections at 6312 (1/2R Resistance off last year’s high). Bulls would want to see that level recovered asap. Tested again last week, but not exceeded, and again this week.
DAX: the 4yr is at 12240. Currently DAX prints well above that level in a strong position. Has today printed its highest level since February.
Sentiment: My version of the Rydex Assets Ratio was lower at 11.74, as SPX reached its highest price since Feb. As of close yesterday, the ratio has retraced just over one third of its decline from this year’s high; the S&P500 has retraced nearly 90%. As mentioned previously, this is usually a positive indication. 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 72% (from 63%), Nasdaq 70% (from 65%), R2000 67% (from 58%). Numbers >50 are supportive.
