On 11/04 ES moved into a strong position above the 3366.50 controlling price which is now important LT Support.
In Monday’s session there was a rejected test of 3551, the minor Support. Subsequently the controlling price migrated slightly higher to 3557, see chart. This is now First Level (2 month) Support. Acceptance (time) spent below that level would increase the chances of re-testing 3366.50 so Bulls would hope to see price making progress above 3557 now.
Sentiment: My version of the Rydex Assets Ratio was lower at 17.03, having reached 18.81 on Thursday, the highest since February.
Stocks>50dyma Nyse 876% (from 85%), Nasdaq 80% (from 79%), R2000 86% (from 85%). Numbers >50 are supportive.
