Since the rejected test of the 4392 Support on Thursday, ES has generated five consecutive higher Value Areas and Aggressive Buying (green) has been marked twice. As written pre-RTH on Friday, buyers are back in control. If that’s the case, 4392 would strongly Support if the market sets back.
In the ST, there is a v minor control at 4516. Worth watching price relative to that level.
Sentiment: my version of the Rydex Assets Ratio is at 28.34. SPX has closed up for six days in a row but the ratio has hardly moved. The scepticism is usually ST bullish. The ratio reached 38.63 on 09/09, (very close to the Sep price high) the highest ratio ever, indicating extremely hot sentiment at that point.
