emini 17th July 2020

The low last week was a test of First Level Support at 3106.50. That has held. The first minor sign of weakness would be a day-session close below the low of last Friday’s Buying Day at 3126.50. As long as ES holds 3106.5 it is in a strong position in the ST. Longer-term Support is at 2926, the 2yr.

Key charts
FTSE 100: recent multiple rejections at 6312 (1/2R Resistance off last year’s high). Bulls would want to see that level recovered asap. Tested again this week, but not exceeded.
DAX: the 4yr is at 12240. Currently DAX prints above that level in a strong position.

Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 12.80. Last week the ratio reached 12.96, the highet since 5th May. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.

Stocks>50dyma Nyse 71% (from 75%), Nasdaq 69% (from 73%), R2000 65% (from 69%). Numbers >50 are supportive.