emini 15th May 2020 – pre-open from ChartProfit
Early in Thursday’s session there was a brief, rejected test of First Level Support at 2786, the 1/2R off this year’s high. More important Support is at 2719, the maj poc. Price printing time below that level would be a negative on the longer timeframe.
FTSE: the major poc is at 5870 and FTSE broke back below that Support on Wednesday. Weaker position.
IWM: the major poc is at 115.35. The low of this recent dip was yesterday and came in at 117.18. The major 1/2R from the 2018 high is at 134.50; IWM tested this Resistance in April and sold-off. Price printing time above that level would be a positive.
TLT: 6mn poc is at 165.36. TLT closed above that level on Thursday.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 8.24. The index fell to 3.35 on 03/17, the lowest since early 2016. The index reached 28.62 on 12/27, the highest reading in my database.
Stocks>50dyma numbers: Nyse 44% (from 41%), Nasdaq 56% (from 55%), R2000 43% (from 41%). Numbers >50 are supportive.
