SP 500 emini at highest since late February – pre-open report from ChartProfit 8th June 2020.
First sign of weakness would be a day session close below 3047.50, Tuesday’s low (dashed line) see previous highlighted comments.
First Level Support is at 2926.0, the 2yr poc. The most important Support is at 2719, the maj poc. ES needs to hold this level to maintain a strong position in the longer timeframe.
FTSE100: last week broke above 6312, the major 1/2R, which is now Support.
Bonds TLT: A probe of the 6mn Resistance at 165.36 was rejected on 05/22 and TLT sold off. Has now broken below 159.43 (1/2R off March high). Weak position.
Dollar Index: in April/May failed at two attempts to print above the 1/2R Resistance off March high, and then sold off from that rejection. Last week broke the 3yr Support at 97.38. Time below the 3yr would indicate lower.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.24, a three month high. SPX has recovered more than 80% of its decline from this years high and the ratio less than 30% – this is a positive for the market. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma numbers: Nyse 95%, Nasdaq 93%, R2000 94%. Numbers >50 are supportive.
