emini 15th April 2020 – pre-open

Tuesday’s session generated a third Value Area above 2719,  the major poc, and a first for this rally above 2786 (dashed line) which is the 1/2R off this year’s high. However, there has been a decline overnight below yesterday’s session low and pre-open ES has printed below 2760. Bulls would not want to see price printing time back below the 2719 Support.

Sentiment: My version of the Rydex Assets Ratio was slightly higher at 6.83. The index fell to 3.35 on 03/17, the lowest since early 2016.

Stocks>50dyma numbers: Nyse 18% (from 12%), Nasdaq 28% (from 21%), R2000 20% (from 15%). Numbers >50 are supportive.