emini ES pre-open 4th May 2020 from ChartProfit
ES tested the major Support at 2719 on 04/21 and rallied from there. Overnight the minor (7mn) controlling price migrated to 2796. Price relative to this level (and the major 1/2R at 2786) is worth monitoring at the start of this week. Price printing time below these levels would suggest a re-test of the major Support at 2719.
FTSE: the major is at 5870 – at the end of last week FTSE broke back below the poc to a weaker position. Bulls would want to see that level recovered asap.
IWM: the major is at 115.35 and chart found Support at that level on 04/16. On Wednesday there was a rejected test of the Resistance at 133, the major 1/2R, and IWM sold off sharply from there.
TLT: 6mn Support is at 165.36
Sentiment: My version of the Rydex Assets Ratio ended the week at 8.84. 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.
Stocks>50dyma numbers: Nyse 42%, Nasdaq 57%, R2000 46%. Numbers >50 are supportive.
