Technical analysis – Market pre-open 6th May 2016
See previous comments. Thursday generated another Value Area just above the Support at 2041.00. For three hours pre-open today ES was printing below that level and following the jobs data has printed lower. If ES remains below 2041 post-open it is in a weak price location.
Second Level Resistance = 2086.00 (min poc)
First Level Support/Resistance = 2041.00 (2mn poc)
Stocks>50dyma numbers: Nyse 63% (from 66%), Nasdaq 48% (from 52%), R2000 56% (from 61%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 4.78. 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:
See today’s video
