emini 13th May 2020 – pre-open from ChartProfit
Monday’s session high was briefly tested early on Tuesday. Another overlapping Value Area was generated with a sell-off late in the session. First Level Support is the major 1/2R at 2786 (dashed line).
FTSE: the major is at 5870 – last week FTSE broke back above the poc to a stronger position which it is holding today. Bulls would not want to see price printing time <5870.
IWM: the major is at 115.35 and chart found Support at that level on 04/16. The major 1/2R from the 2018 high is at 134.50; IWM tested this Resistance in April and sold-off. Price printing time above that level would be a positive.
TLT: 6mn poc is at 165.36. TLT closed below that level on Tuesday.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 8.40. At this point the ratio has retraced less than 25% of its range from this year’s high while SPX has retraced well over 50% of its fall. As I’ve been writing, this is most likely a bullish indication. 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 49% (from 60%), Nasdaq 64% (from 71%), R2000 51% (from 60%). Numbers >50 are supportive.
