The S&P 500 ETF, SPY, is probing 209.90 once again.
Key Resistance for the S&P 500 ETF, SPY was 209.90 until early this week. Until then, this level was the major controlling price for the chart but earlier in the week the controlling price migrated lower to 205.40 which reduced the significance of the 209.90 Resistance. However SPY could still have a problem with this level. Price printing time above that point would be a positive.
Buyers have been active this week, see the highlighted numbers, and have successfully auctioned ES higher. Tuesday’s numbers at +21 (net buying) and +155195 (net buying volume) were particularly strong and Aggressive Buying (green-at-top) was marked. ES is currently printing above 2086 a previous poc Resistance. If chart closes today above 2092 (Wednesday’s high) it will indicate a bullish weekly structure for the first time since the end of March.
First Level Support = 2063.50 (minor 1/2R off April high)
Second Level Support = 2054.50 (maj poc)
Third Level Support = 2041.00 (9mn poc)
Stocks>50dyma numbers: Nyse 60% (unch), Nasdaq 57% (unch), R2000 60% (from 61%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 3.78. Monday’s ratio at 3.65 was a 46 day low. The extreme low for the ratio was on 02/19 when it fell to 2.64 which was the lowest since November 2012. This is a contrarian indicator.
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