The S&P 500 emini is today back at important Support at the start of the week.
There was no Significant Buying or Selling marked last week but the S&P emini target at 2120 was reached (actually 2119.75) and there followed a sell-off late in the week back towards the major Support at 2087. Significant Selling marked below that level would be a negative and Bulls would hope this Support holds. Pre-open that level has been tested.
First Level Support = 2087.00 (maj poc)
Second Level Support = 2041.00 (poc)
Stocks>50dyma numbers: Nyse 61%, Nasdaq 58%, R2000 65%, UK 44%. Numbers >50 are supportive.
Market Charts: All U.S Major Market Charts remained positive. U.K. stayed neutral.
Sentiment: My version of the Rydex Assets Ratio ended the week at 4.56. 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 Friday TLT tested the February high.
Dollar Index: closed the week back above 93.95, the 1/2R off the May low in a stronger price location. Resistance is at 95.25, the 2yr poc.
Gold: GLD – earlier in the month the chart held 115.50 which was previously the major poc and last week held above 118.22, the maj poc, in a strong price location.
Oil: Last Wednesday USO printed its highest level since November but sold-off sharply to close the week near the low.
EURUSD: ended the week below 1.1313, the 4yr poc, in a weaker price location.
There is Support just below 1.11 which is the 1/2R off last year’s low. Price below that level would suggest further weakness.
click graphic to enlarge
