The 3mn controlling price migrated higher to 3672 on 12/22. We then saw three Value Areas printed entirely above that level which was an indication of strength and then the gap higher at the start of last week. In the longer term, ES is in a strong position if it holds above 3672. Significant Selling (red) being marked below that level would be the first sign of weakness on that timeframe.
Sentiment: Last week, my version of the Rydex Assets Ratio reached 21.00, the highest ratio since late Feb.
Stocks>50dyma Nyse 82%, Nasdaq 84%, R2000 85%. Numbers >50 are supportive.
