Buyers were active in the S&P 500 emini futures last week auctioning the chart back towards the April high.
At the start of last week S&P 500 emini futures (ES) found Support at the 2041 poc and rallied from there, closing at a level above the high of the previous four weeks. I marked Significant Buying twice and no Significant Selling. The April high comes in at 2105.25 and ninety minutes pre-open ES is printing above 2100.
SPY closed the week above the high of Mon-Wed range which indicates Buyers Active on the weekly timeframe for the first time since the end of March. Breadth and price momentum (PriceOsc) both improved, see Pulse Chart.
First Level Support = 2063.50 (minor 1/2R off April high)
Second Level Support = 2054.50 (maj poc)
Third Level Support = 2041.00 (9mn poc)
Market Charts: all major mrket Charts remained positive.
Stocks>50dyma numbers: Nyse 62%, Nasdaq 60%, R2000 62%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.98. On 04/26 the ratio reached 5.27 which was the highest level since early January. On 02/19 the ratio fell to 2.64 which was the lowest since November 2012.
Supporting Charts:
Bonds: TLT has spent eight days printing below 130.77, the 8mn poc in a weak price location.
Dollar Index: Now printing above 94.79, the 2yr poc, in a stronger price location.
Gold: GLD – last week broke below 118.22, the major poc which put the chart in a weak price location. Closed weak for the week close to April’s low.
Oil: last week futures printed the highest level since October and is close to that high today.
EURUSD: last week broke below 1.1198, the 3yr poc Support which puts the chart in a eak price location. Currently prints just above 1.1084, the 1/2R off last year’s low – if this Suppoort is broken it would indicate further weakness.
click graphic to enlarge
