On Thursday ES probed the major Support. Enough time was spent around this area of price to migrate the 10mn poc to 2098.50. Following jobs data pre-open, ES printed as low as 2086.25 and rallied a little from there but still prints below the poc. Bulls would hope that ES recovers this level as quickly as possible – price below 2098.50 is weak price location. Breadth deteriorated further.
First Level Resistance = 2107.00
First Level S/R = 2098.50 (10mn poc)
Stocks>50dyma numbers: Nyse 37% (from 46%), Nasdaq 49% (from 55%), R2000 43% (from 51%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 11.30. Bear fund assets that I follow have fallen back and are close to the extreme low level of earlier in the year. Thta’s a concern. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts: in webcast
