IWM, the Russell 2000 ETF closed above 115.35, its major poc which puts this key chart in a much stronger position.
Key Charts: IWM closed above 115.35 (maj poc).
emini analysis: Early in Thursday’s session ES briefly tested 2089, the 10day poc (dashed), see yesterday’s comments. This was rejected and there was a strong auction higher to a new high for this rally. Significant Buying was marked twice. 2089 reamains minor Support.
First Level Support = 2063.50 (minor 1/2R off April high)
Second Level Support = 2054.50 (maj poc)
Stocks>50dyma numbers: Nyse 65% (from 63%), Nasdaq 65% (from 62%), R2000 69% (from 66%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was again almost unchanged at 4.00. 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: TLT closed back above 130.77, the 8mn poc, in a stronger price location. Dollar Index: Now printing above 94.79, the 2yr poc, in a stronger price location.
Gold: GLD – last week broke below 118.22, the major poc which put the chart in a weak price location. Has stalled and held 115.50 which was previously the major poc and also the April low. I am assuming this is still valid Support and therefore price below this level would be weaker price location. Cash indicates a higher open today.
Oil: USO this week printed its highest level since December.
EURUSD: last week broke below 1.1198, the 3yr poc but is printing back above that level today. Has held the Support at 1.1084, the 1/2R off last year’s low – if this Support is broken it would indicate further weakness.
click graphic to enlarge
