During Thursday’s session there was a brief, rejected test of 4226, the 12day controlling price. ES rallied back from there to close the RTH session in a strong position in the ST. That level remains ST Support.
First Support in the longer-term is at 4197 and longer-term Support (3mn) is at 4163. ES has been consolidating above that level for two weeks, which is a positive indication.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 27.90. Down from 29.48 two days ago which was close to the all-time high ratio of 30.77 on 04/26.
Stocks>50dyma
Nyse 66% (from 69%), Nasdaq 60% (from 62%), R2000 60% (from 65%). Numbers >50 are supportive.
