emini 24th April 2020 – pre-open from ChartProfit
Thursday’s session generated a tenth Value Area above 2719, the major poc. That Support was briefly tested during Tuesday’s session, see chart.
ES has rallied from there and pre-open today is probing above 2786 (dashed line), the 1/2R Resistance, and above 2791.50 the minor poc (1 month). ES needs to hold the 2719 Support to maintain a strong LT position.
Other key charts/levels we are monitoring:
FTSE: the major is at 5870 – chart found Resistance there last week, has not yet printed time above it.
IWM: the major is at 115.35 and chart found Support at that level last week.
TLT: 6mn Support is at 165.36. TLT closed above that level in a strong position.
FTSE: the major is at 5870 – chart found Resistance there last week, has not yet printed time above it.
IWM: the major is at 115.35 and chart found Support at that level last week.
TLT: 6mn Support is at 165.36. TLT closed above that level in a strong position.
Sentiment: My version of the Rydex Assets Ratio was lower at 7.29. 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 20% (from 18%), Nasdaq 37% (from 34%), R2000 25% (from 22%) Numbers >50 are supportive.
