I wrote pre-open yesterday “In the ST, the six week controlling price is at 4197 and price relative to this level is worth monitoring”. 4197 held yesterday but in the last hour that minor Support has been broken and there has been a sell-off, so a weaker open to today’s RTH session is expected. However, as long as ES holds the important Support at 4163 (3mn controlling price) it is in a strong position in the longer timeframe.
Sentiment: My version of the Rydex Assets Ratio was higher at 29.76. There are only 8 readings higher than this. On 04/26 the ratio reached 30.77. This is the highest ratio ever and a truly extreme reading.
Stocks>50dyma
Nyse 75% (from 77%), Nasdaq 59% (from 62%), R2000 64% (from 68%). Numbers >50 are supportive.
