emini 14th May 2020

emini 14th May 2020

First Level Support is the major 1/2R at 2786 (dashed line). That Support was tested on Wednesday and again pre-open today. More important Support is at 2719, the maj poc. Price printing time below that level would be a negative on the longer timeframe. Note the key charts comments below and the fact that breadth numbers have deteriorated, also below.

FTSE: the major is at 5870 and FTSE has broken below that poc today. Weaker position.
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 above that level on Wednesday and futures indicate TLT will open higher today.

Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 8.50. 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 41% (from 49%), Nasdaq 55% (from 64%), R2000 41% (from 51%). Numbers >50 are supportive.