By the middle of last week ES had moved into a strong position above the 3366.50 controlling price which is now important Support, see previous highlighted comments on chart. On Monday ES accelerated higher on vaccine news but declined sharply into the session close. I will assume an up bias as long as ES holds 3366.50.
Sentiment: My version of the Rydex Assets Ratio was higher at 17.20, the highest ratio since late February. Retail buyers like this rally, I’m monitoring this. 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 78% (from 60%), Nasdaq 70% (from 61%), R2000 75% (from 60%). Numbers >50 are supportive.
