Buyers were active intraday on Thursday but a lower, wider Value Area was generated on above average volume. In the ST that’s not a strong pattern.
Pre-open today ES has printed below 2100. In the pre-open Wednesday I wrote “We’re close to the 2120 target and I’m interested to see if Sellers will React”. Although Significant Selling has yet to be marked, ES has stalled and I’d prefer to see further Significant Buying (green) marked here before looking at new longs.
First Level Support = 2087.00 (maj poc)
Second Level Support = 2041.00 (poc)
Stocks>50dyma numbers: Nyse 72% (from 75%), Nasdaq 71% (from 70%), R2000 71% (from 74%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 4.43. The ratio reached 5.27 on 04/26 which was the highest level since early January. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012.
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