Pre-open Tuesday 16th March
Monday’s Value Area was lower and wider (first for a while) but in the minor timeframe this was Buyers Resting rather than Significant Selling – Buyers stepped back in just above Monday’s First level S/R and ES rallied strongly to the close. First Level S/R stays at same level (1140) today.
SPY is making an attempt to consolidate above the January high, Bulls would hope the index does the same.
ST sentiment: My version of the Rydex Assets ratio was up from 1.85 to 2.26. That’s a 30day high. This was mainly due to Bear Fund assets falling rather than Bull Fund assets increasing (they actually fell slightly). If SP500 breaks out convincingly I would expect the Rydex Bulls to markedly increase.
