Pre-open comment Monday 11th May
Friday generated a higher, narrower Value Area, closing towards the high of the week, back above 2095.50 (4mn poc). As long as ES can hold this level it is in a strong price location.
First Level Support = 2095.50 (4mn poc)
Second Level Support = ES 2045.00 (7mn poc)
CP Market Charts: Nyse stayed neutral, Nasdaq & R2000 stayed negative. UK stayed positive.
Stocks>50dyma numbers: Nyse 51%, Nasdaq 43%, R2000 38%, UK 67%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 11.0. The highest ratio in the database was at 14.06 on 03/02
Supporting Charts:
Bonds TLT: last week printed its lowest level since early December. Momentum is down and negative. Support at 117.14, maj poc.
Dollar Index: last week probed the 94.67 Support (12mn poc) but today is printing above that level.
Gold GLD: closed the week below 115.12, the 18mn poc in a weak price location.
Oil USO: last week printed its highest level since December and since early April has been printing above 18.39, the 12mn poc, in a stronger price location.
EURUSD: last week probed above the major 1/2R at 1.1241 but today chart is printing below that level.
