emini 28th April 2020 from ChartProfit
Monday’s session generated another Value Area above 2719, the major poc. That Support was briefly tested last week, see chart. ES has rallied from there and pre-open today has printed its highest level 9th March, see chart below. During Monday’s session the 7mn controlling price migrated to 2816, which is now First Support.
Other key charts/levels we are monitoring:
FTSE: the major is at 5870 – chart found Resistance there last week, but today has broken above that level to a stronger position.
IWM: the major is at 115.35 and chart found Support at that level on 04/16. Has rallied and will approach Resistance at 133 today, the 1/2R off this year’s high.
TLT: 6mn Support is at 165.36.
FTSE: the major is at 5870 – chart found Resistance there last week, but today has broken above that level to a stronger position.
IWM: the major is at 115.35 and chart found Support at that level on 04/16. Has rallied and will approach Resistance at 133 today, the 1/2R off this year’s high.
TLT: 6mn Support is at 165.36.
Sentiment: My version of the Rydex Assets Ratio was higher at 8.23, a 32day high. SPX has recovered more than 50% of the decline off this year’s high, the ratio has recovered less than 20%. 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 36% (from 25%), Nasdaq 51% (from 41%), R2000 40% (from 28%).
Numbers >50 are supportive.
