There was rejected test of the 4362 Support on Wednesday and ES rallied strongly. That was the first clue that Bulls were regaining control of the minor timeframe. Secondly, Thursday and Friday both generated Value Areas above 4391.50, the 4mn poc. Important to note that the 4mn has now migrated higher to 4440. Price relative to that level very is important to monitor and pre RTH ES is printing very close. A value Area above/below could indicate the next move.
Sentiment: my version of the Rydex Assets Ratio ended the week at 35.88, down from 38.63 on 09/09, the highest ratio ever, indicating extremely hot sentiment.
Stocks>50dyma
Nyse 46%, Nasdaq 52%, R2000 51%. Numbers >50 are Supportive.
