emini 14th April 2020 – pre-open from ChartProfit
Monday’s session generated a second Value Area above 2719, the major poc, and briefly tested that Support. The Resistance at 2786 (dashed line) which is the 1/2R off this year’s high, has been probed overnight and pre-open ES prints above that level in a strong position. Price printing time above that level would be the next positive. Bulls would not want to see price back below 2719.
Sentiment: My version of the Rydex Assets Ratio was higher at 6.36. 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 supportive.
Stocks>50dyma numbers: Nyse 12% (from 16%), Nasdaq 21% (from 22%), R2000 15% (from 19%). Numbers >50 are supportive.
