emini 13th April 2020

ES ended the shortened week above 2719, the major poc, and probed the Resistance at 2786, dashed line, which is the 1/2R off this year’s high. Pre-open today ES is printing between these two levels. Price printing time above 2786 would be the next positive. Bulls would not want to see price back below 2719.

Sentiment: My version of the Rydex Assets Ratio ended the week at 5.64. The index fell to 3.35 on 03/17, the lowest since early 2016. The S&P has rallied strongly since the 03/23 low, the ratio has not. That’s probably a positive.

Stocks>50dyma numbers: Nyse 16%, Nasdaq 22%, R2000 19%. Numbers >50 are supportive.