The emini SP500 major poc as measured on a thirty minute time-frame has migrated to 2087.
emini SP500 analysis: As you know I measure the poc levels on various time-frames. Mainly five minute charts (ST) and Daily charts (LT). Checking the thirty minute time-frame I have found that the major poc migrated to 2087 last Friday. This is now a major Support level. The target at 2120 was derived from the current distribution using five minute data and is still valid (as long as the poc of that distribution remains at 2041). See previous, highlighted, comments. The ES high on Wednesday was 2119.75.
First Level Support = 2087.00 (maj poc)
Second Level Support = 2041.00 (poc)
SPY (S&P500 ETF) closed at 212.37, its highest level since July last year. Extreme high was 213.78 in May last year.
Stocks>50dyma numbers: Nyse 75% (from 73%), Nasdaq 70% (from 68%), R2000 74% (from 71%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 4.74 (from 3.96). The ratio reached 5.27 on 04/26 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 Wednesday printed its highest level since the February high.
Dollar Index: The 1/2R off the May low is at 93.95. Price back above that level would be a positive.
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 this week has been printing above 118.22, the maj poc, in a strong price location.
Oil: On Wednesday USO printed its highest level since November. Futures indicate a lower open today.
EURUSD: Recently held the Support at 1.1084, the 1/2R off last year’s low and rallied strongly at the end of last week to finish above 1.1198, the 3yr poc. Lower today but maintains that strong position.
click chart to enlarge
