SP500 emini 23rd April 2020
Wednesday’s session generated a ninth Value Area above 2719, the major poc. That Support was briefly tested during Tuesday’s session, see chart. ES has rallied from there and pre-open today is probing above 2786 (dashed line), the 1/2R Resistance again. ES needs to hold the 2719 Support to maintain a strong position.
The minor poc (1 month) has migrated to 2791.50 and that is minor Support.
Other key charts/levels we are monitoring:
FTSE: the major is at 5870 – chart found Resistance there last week, has not yet printed time above it. That level is being probed today.
IWM: the major is at 115.35 and chart found Support at that level last week.
TLT: 6mn Support is at 165.36. TLT closed above that level in a strong position.
FTSE: the major is at 5870 – chart found Resistance there last week, has not yet printed time above it. That level is being probed today.
IWM: the major is at 115.35 and chart found Support at that level last week.
TLT: 6mn Support is at 165.36. TLT closed above that level in a strong position.
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 7.77. 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.
Stocks>50dyma numbers: Nyse 18% (from 14%), Nasdaq 34% (from 28%), R2000 22% (from 18%) Numbers >50 are supportive.
