On Thursday the 4mn migrated to 4197.5, see Friday’s comments. With Friday’s price action enough time was spent at 4163 to migrate the 4mn again, down to that level. Pre-open today ES has recovered back above that level, which is important Support. Aggressive Selling (red) was marked on Friday. Breadth deteriorated dramatically on Friday.
Sentiment: My version of the Rydex Assets Ratio finished the week at at 25.2. On Tuesday the ratio reached 31.27, the highest ratio recorded indicating extremely hot sentiment.
Stocks>50dyma
Nyse 33%, Nasdaq 41%, R2000 35%. Numbers >50 are supportive.
