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. Tue/Wed’s Value Areas were lower but I will assume an up bias as long as ES holds 3366.50.
A minor (15day) controlling price has emerged at 3551.0. Price relative to that level may be useful to monitor today, above/below = strong/weak.
Sentiment: My version of the Rydex Assets Ratio was lower at 15.53. Down from 17.20 on Monday which was the highest ratio since late February. 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 84% (from 83%), Nasdaq 76% (from 73%), R2000 83% (from 82%). Numbers >50 are supportive.
