On 11/04 ES moved into a strong position above the 3366.50 controlling price which is now important Support. I will assume an up bias as long as ES holds 3366.50.
A minor (15day) controlling price emerged at 3551.0 last week, see highlighted comments 11/12. Friday’s session found Support at that level and rallied, see chart. This is further positive price action. Pre-open today ES is printing above 3600.
Sentiment: My version of the Rydex Assets Ratio ended the week at 16.75 having reached 17.2 earlier in the week, the highest since February.
Stocks>50dyma Nyse 85%, Nasdaq 78%, R2000 83%. Numbers >50 are supportive.
