emini S&P back at the April high
The emini S%P 500 future is today printing close to the high it set in April which was the high of the rally off the February low.
emini analysis: Last week Significant Buying was marked twice. Significant Selling has not been marked for twelve days. Although Buyers have been active ES has not been able to auction above the range of the last seven days which has seen Value Areas generated between 2085-2100. In the LT as long as ES holds above 2054.50 it is in a strong price location. The poc of the current distribution is still at 2041.00 and the target is still 2120.
Dayframe: The minor (14day poc) moved to 2093.50. Price relative to this level at the start of the week is worth monitoring as a guide to ST strength/weakness.
First Level Support = 2063.50 (minor 1/2R off April high)
Second Level Support = 2054.50 (maj poc)
Key Charts: IWM closed above 115.35 (maj poc).
Market Charts: All major U.S. Market Charts remained positive, U.K. turned neutral.
Stocks>50dyma numbers: Nyse 66%, Nasdaq 63%, R2000 66%, UK 54%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 4.16. 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: On Thursday TLT closed back above 130.77, the 8mn poc, in a stronger price location, and on Friday gapped higher to close at its highest level since early February.
Dollar Index: Had a very weak day on Friday following the jobs data. The Support is at 93.95 and the is the 1/2R off the May low. Chart is currently printing just above that level but time printed below that Support would put it in a weak position and suggest lower.
Gold: GLD – last week the chart held 115.50 which was previously the major poc and also the April low. On Friday chart gapped higher and prints back above 118.22, the maj poc, in a strong price location.
Oil: Last week USO printed its highest level since December. Futures suggest a higher open today.
EURUSD: Recently held the Support at 1.1084, the 1/2R off last year’s low and had a strong day on Friday finishing the week above 1.1198, the 3yr poc. Maintains that strong position today.
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