emini 3rd April 2020 – pre-open from ChartProfit
The minor (3mn) poc has migrated to 2486.0. Good reference for today, and how we finish the week. Minor (dayframe) strength implied by being above it.
Significant Sellers were active on Wednesday but Thursday printed above the Wed high and therefore negated any ST negative implications of that Selling Day, see yesterday’s highlighted comments.
In the longer-term price has been consolidating below 2719, the major poc, which remains an indication of weakness on that timeframe as well. At a minimum, Bulls would want to see a recovery back above 2556.50 as soon as possible.
Sentiment: My version of the Rydex Assets Ratio was unchanged at 4.68. 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. Only twice before had the ratio printed above 26. Once in Jan 2018 and the market sold-off quickly, and once in Aug 2018 after which the market traded sideways for a month and then sold-off.
Stocks>50dyma numbers: Nyse 4% (from 3%), Nasdaq 7% (from 6%), R2000 7% (from 5%). Numbers >50 are supportive.
