Today: The 5day migrated lower to 4673.5, see yesterday’s comments. Need to monitor price relative to that level and currently ES is printing below it. I’d want to see time printed back above that price before looking at new longs – price action in the ST is not great right now, also see Sentiment, below.
LT: 4570 is First Level Support. A RTH close below 4613, the low of last Wednesday’s Buying Day, would be a first indication of weakness.
Sentiment: my version of the Rydex Assets Ratio surprisingly spiked to a new high at 54.15, a huge one-day increase. This looks like retail investors piling in to buy anything that looks remotely like a dip. That would be a concern – data will be checked and confirmed tomorrow.
