Thursday generated a Value Area entirely above 3106.5, the 10mn poc. As long as ES holds that level it is in a strong position in the ST. Longer-term Support is at 2926, the 2yr. Pre-open today ES has printed above 3170.
Key charts
FTSE 100: recent multiple rejections at 6312 (1/2R Resistance off last year’s high). Bulls would want to see that level recovered asap.
DAX: the 4yr is at 12240. Currently DAX prints above that level in a strong position.
Sentiment: My version of the Rydex Assets Ratio was lower at 10.22. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma Nyse 66%, Nasdaq 63%, R2000 61%. Numbers >50 are supportive.
