Read yesterday’s highlighted comments on chart. The minor poc has migrated slightly to 3342.5. As long as ES holds above that level it could be ready to make a directional move higher. Pre-open the high has been 3388 which is above the 3370.5 poc. The obvious Resistance is at 3387 which is the 1/2R on the Dec contract (dashed line). A Value Area above 3387 would be the next positive to look for and confirm the Buyers are back in control.
Stocks>50dyma Nyse 32% (from 30%), Nasdaq 34% (unch), R2000 32% (from 23%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 13.83. On 09/01 the ratio reached 14.37, the highest since early March. 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.
