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emini SP500 remains in strong position

Posted on July 9, 2020 Written by Chart Prophet

Last four Value Areas have been generated above 3106.5, the 10mn poc. As long as ES holds that level it is in a strong position in the ST. Longer-term Support is at 2926, the 2yr.

Key charts
FTSE 100: recent multiple rejections at 6312 (1/2R Resistance off last year’s high). Bulls would want to see that level recovered asap.
DAX: the 4yr is at 12240. Currently DAX prints above that level in a strong position.

Sentiment: My version of the Rydex Assets Ratio was higher at 12.50. 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 Nyse 57% (from 59%), Nasdaq 57% (unch), R2000 49% (from 50%). Numbers >50 are supportive.

Filed Under: emini SP500 (ES)

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