Technical analysis S&P 500 emini pre-open 1st September
See yesterday’s highlighted comments. ES (and SPY) reached their 1/2R levels off this year’s high and have found Resistance at those levels. Pre-open today ES has sold off violently. As I wrote, in a weak market the 1/2R off the high will often mark the high of the first rally so these levels must be closely monitored.
Resistance ES = 1978.50 dashed (1/2R off this year’s high)
Minor Support = 1912.00 (1/2R off recent low)
Major Support = 1870.00 (formerly the maj poc)
Stocks>50dyma numbers: Nyse 17% (from 18%), Nasdaq 23% (from 22%), R2000 23% (from 21%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 5.33, the lowest level since October.
