emini 6th April 2020 -pre-open from ChartProfit
w/e 03/27 the market bounced back strongly from the low day on Monday. Last week was a consolidation week that held above the 1/2R retracement off the low. The minor (3mn) poc migrated to 2486.0 and at the start of this week ES is up strongly from that level, which if held, is a strong position in the ST.
In the longer-term price has been consolidating below 2719, the major poc, which remains an indication of weakness on that timeframe. Price above 2719 would indicate higher.
Sentiment: My version of the Rydex Assets Ratio ended the week at 4.38. The index fell to 3.35 on 03/17, the lowest since early 2016. The index reached 28.62 on 12/27, the highest reading in my database. Only twice before had the ratio printed above 26. Once in Jan 2018 and the market sold-off quickly, and once in Aug 2018 after which the market traded sideways for a month and then sold-off.
Stocks>50dyma numbers: Nyse 4%, Nasdaq 7%, R2000 6%. Numbers >50 are supportive.
