emini SP500 29th June 2020

Friday’s Value Area was generated entirely below 3036.5, the 10mn poc, and therefore ended the week in a weak position. Pre-open today, ES is printing below that level. If there is further weakness at the start of this week then hopefully the minor Value Area Low at 2951 would reject a test but First Level Support in the longer timeframe is lower at 2926.

Key charts
FTSE 100: recent multiple rejections at 6312 (1/2R Resistance off last year’s high) with following decline last week. Bulls would want to see that level recovered asap.
DAX: the 4yr is at 12240. pre-open DAX prints below that level.

Sentiment: My version of the Rydex Assets Ratio ended the week at 10.81. SPX has recovered more than 80% of its decline from this years high and the ratio less than 30% – this is a positive for the market. The ratio fell to 3.35 on 03/17, the lowest since early 2016. The ratio reached 28.62 on 12/27, the highest reading in my database.

Stocks>50dyma numbers: Nyse 49%, Nasdaq 53%, R2000 48%. Numbers >50 are supportive.