Pre-open Friday 26th February
Responsive Buyers were marked on Thursday quickly auctioning ES back above the major 1094 poc in fact as high as Wednesday’s poc (dotted). This was not Effective Buying, the Value Area was lower and wider on increased volume. ES will most likely find itself back at the 1094 poc again. I’m looking for Effective Buying above that level or Effective Selling below.
LT sentiment:
Investors Intelligence poll showed Bulls increased from 35.6% to 41.1% and Bears were down from 27.8% to 23.3%.
ST sentiment:
Rydex Bulls are acting erratically. Rydex Bull fund assets that I follow were down 11% on Wednesday but up more than 15% yesterday. If that’s an early indication that they are looking to buy dips then that’s probably not bullish (contrarian). My version of the Rydex Assets ratio was up from 1.6 to 1.86.
