emini 4th June 2020 – pre-open from ChartProfit
First sign of weakness would be a day session close below 3047.50, Tuesday’s low (dashed line) see highlighted comments.
First Level Support is at 2926.0, the 2yr poc. The most important Support is at 2719, the maj poc. ES needs to hold this level to maintain a strong position in the longer timeframe.
FTSE100: has this week broken above 6312, the major 1/2R, which is now Support.
Bonds TLT: A probe of the 6mn Resistance at 165.36 was rejected on 05/22 and TLT sold off to test 159.43 (1/2R Support off March high) on Wednesday.
Dollar Index: in April/May failed at two attempts to print above the 1/2R Resistance off March high, and then sold off from that rejection. Has this week tested the 3yr Support at 97.38. Time below that Support would indicate lower.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.05. Tueday’s ratio at 10.56 was a 3month high. 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 91% (from 90%), Nasdaq 88% (from 87%), R2000 87% (from 86%). Numbers >50 are supportive.
