Early in Thursday’s session the First Level Support at 3106.50 was briefly tested and ES rallied immediately, see previous highlighted comments. As long as ES holds that level it is in a strong position in the ST. Longer-term Support is at 2926, the 2yr.
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.
DAX: the 4yr is at 12240. Currently DAX prints above that level in a strong position.
Sentiment: My version of the Rydex Assets Ratio was lower at 11.93. 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 41% (from 57%), Nasdaq 51% (from 57%), R2000 40% (from 49%). Numbers >50 are supportive.
