Pre-open Thursday 7th January
ES found low on Wednesday just above the First Level S/R at 1129 which means it is still “acting right” . Pre-open today ES has printed just below that level. Value Area was higher but narrower generating less volume. That’s not convincing. As I wrote yesterday I would look for Effective Buyers to be marked before committing to new longs (I haven’t marked Significant Buyers for 19 trading days).
Esecially as short term public sentiment measures are increasing fast on the bull side.
The Rydex Bull fund assets that I follow were up 6.7% on Wednesday, Bear fund assets were also up but only slightly which meant that my version of the Rydex Assets Ratio was up again to 2.9. The 10dyma of the ratio is at a 60 day high.
Also the ISEE (equity only) Index came in at 230 which is another high number.
