emini ES 30th April 2020 – pre-open from ChartProfit
ES tested the major Support at 2719 on 04/21 and has rallied from there and overnight printed its highest level since 6th March, see chart below. Last week the 7mn controlling price migrated to 2816 and this is now is now First Level Support. Aggressive Buying (green-at-top) was marked on Wednesday.
Other key charts/levels we are monitoring:
FTSE: the major is at 5870 – chart found Resistance there last week, but this week has broken above that level to a stronger position and is higher today. Bulls would want to see that level (now Support) hold.
IWM: the major is at 115.35 and chart found Support at that level on 04/16. Has rallied on WEdnesday closed just above the Resistance at 133, the major 1/2R – will likely open below that level today.
TLT: 6mn Support is at 165.36.
FTSE: the major is at 5870 – chart found Resistance there last week, but this week has broken above that level to a stronger position and is higher today. Bulls would want to see that level (now Support) hold.
IWM: the major is at 115.35 and chart found Support at that level on 04/16. Has rallied on WEdnesday closed just above the Resistance at 133, the major 1/2R – will likely open below that level today.
TLT: 6mn Support is at 165.36.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 8.64, a 34day high. SPX has recovered more than 50% of the decline off this year’s high, the ratio has recovered less than 20%. 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 64% (from 45%), Nasdaq 78% (from 59%), R2000 71% (from 48%). Numbers >50 are supportive.
