The minor poc (now 10mn) has migrated lower with Thursday’s price action, see yesterday’s highlighted comments. ES is currently printing above that level, and needs to hold it to remain in a strong position. First Level Support in the longer timeframe is at 2926.
Key charts
FTSE 100: upside last week was capped at the 6312, 1/2R Resistance. Multiple rejections at that level and then declined this week. Big Support at 5870, the major. Bulls would want to see that level recovered asap.
DAX: the 4yr is at 12240. As I write pre-open DAX prints almost exactly at that level.
Sentiment: My version of the Rydex Assets Ratio was higher at 11.91. At the recent high SPX had recovered more than 80% of its decline in earlier in the year but the ratio recovered approximately only a third – this would usually be considered a positive for the market. The ratio reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma numbers: Nyse 63% (from 57%), Nasdaq 64% (from 60%), R2000 59% (from 53%). Numbers >50 are supportive.
