The 3mn controlling price has migrated higher to 3672. Price relative to that level is important to moniotor. Strength is indicated if ES is printing above that point.
In the longer term ES appears to have a problem printing convincingly above 3700 but there has been no downside follow-on since Monday’s decline. I would still be looking for new evidence of Significant Buying (green) before considering new longs but there is no evidence either that Sellers have taken control. That would happen if we saw Significant Selling (red) being marked below 3672.
Sentiment: My version of the Rydex Assets Ratio reached 20.59 on Friday, the highest since February. 20.49 on Tuesday.
Stocks>50dyma Nyse 80%, Nasdaq 83%, R2000 83%. Numbers >50 are supportive.
