The 3mn controlling price at 4163.0 has capped the upside this week. On Tuesday there was a RTH close below 4135, the previous Friday’s Buying Day low, and this was an indication of weakness. On Wednesday ES generated a sharply lower Value Area but has recovered strongly to once again probe the 3mn at 4163. A Value Area generated above that level would be bullish, see Monday’s highlighted comments. Time printed below 4163 increases the chance that Support at 3897 will be tested.
Sentiment: My version of the Rydex Assets Ratio was lower at 22.91. On 04/26 the ratio reached 30.77. That is the highest ratio ever and a truly extreme reading.
Stocks>50dyma
Nyse 66% (from 64%), Nasdaq 50% (from 46%), R2000 50% (from 49%). Numbers >50 are supportive.
