emini 11th May 2018 – pre-open from Chartprofit
Please see previous highlighted comments. I marked Aggressive Buying (green-at-top) above 2672, again on Thursday, and that’s the second Value Area generated above that level. This indicates Buyers in control of the dayframe. As long as ES holds above 2672 it is in a strong price location.
First Level Support = 2672 (12mn poc)
Second Level Support = 2647 (4mn poc)
Index ETFs: SPY 266.00 = 9mn; IWM 153.50 = 1year
Stocks>50dyma numbers: Nyse 62% (from 57%), Nasdaq 59% (from 58%), R2000 62% (from 61%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 15.87, (from 14.50). On Wednesday the ratio fell significantly on a strong day for the market – and as I wrote yesterday this is.. >>usually a ST bullish indication<<. On 04/18 the Ratio fell to 13.93, a 43 day low. On 04/16 Bull fund assets fell to their lowest level since October.
