On 11/04 ES moved into a strong position above the 3366.50 controlling price which is now important LT Support.
I want to monitor tight Support levels at this point – from the distribution analysis there may be a fast rejection if price prints above 2700. That’s just an “if” at the moment. First Level Support (minor) is 3551.0 – a minor controlling price emerged at that level last week, see highlighted comments 11/12. Friday’s session found Support there and rallied, see chart. Value Areas this week have been higher.
Sentiment: My version of the Rydex Assets Ratio was higher at 18.76, the highest since February.
Stocks>50dyma Nyse 89% (unch), Nasdaq 80% (unch), R2000 87% (unch). Numbers >50 are supportive.
