On 11/04 ES moved into a strong position above the 3366.50 controlling price which is now important LT Support.
On Wednesday I marked Aggressive Selling (red) auctioning price back to the minor controlling price at 3551.0 which was tested on Thursday. Yesterday’s Value Area was generated entirely above that level. Acceptance (time) spent below that level would increase the chances of re-testing 3366.50 so Bulls would hope to see price making progress above 3551 asap.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 18.81 which is the the highest since February.
Stocks>50dyma Nyse 85% (unch), Nasdaq 79% (from 77%), R2000 85% (from 84%). Numbers >50 are supportive.
