emini report – S&P emini overcomes first level Resistance and climbs again
Wednesday’s session generated another higher Value Area, this time printed entirely above the 2041 poc. Aggressive Buying (green-at-top) was marked again. The Resistance on this chart is now the major poc at 2087. Breadth numbers improved again but not yet supportive, see below.
First Level Resistance = 2087.00 (major poc)
First Level Support = 2041.00 (poc of current distribution)
Stocks>50dyma numbers: Nyse 43% (from 31%), Nasdaq 39% (from 32%), R2000 41% (from 32%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 4.72. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012. The highest since very early this year was reached on 04/26 at 5.27.
Supporting Charts:
Bonds: spiked much higher on Monday to a new high and reached a further high on Wednesday.
Dollar Index: Lower today and currently printing below 96.21, the 1/2R off the December high. Price above that level would be strong price location. Price below 95.25, the two year poc, would be weak price location.
Gold: on Monday GLD closed at its highest level since July 2014.
Oil: USO remains in an LT uptrend as long as it holds above 10.78.
EURUSD: fell sharply on Friday breaking below 1.1313, the 4yr poc. Price below 1.11, the 1/2R off last year’s low, would be a weak price location but currently chart is holding that level.
