Pre-open comment Friday 10th April
Thursday generated the fifth consecutive Value Area above the 2045.00 poc. Aggressive Buying (green-at-top) was marked for the first time in nineteen days and this was above 2072.00, the minor poc. This is a further positive and as long as ES holds above 2072.00 it is in a strong ST price location. Price above 2045.00 is strong price location in the longer term.
First Level Support/Resistance = 2072.00 (minor poc)
Second Level Support = ES 2045.00 (7mn poc); SPY 205.00 (6mn poc)
Stocks>50dyma numbers: Nyse 61% (from 63%), Nasdaq 60% (unch), R2000 61% (from 64%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 10.42. Tuesday’s ratio at 9.91 was a 50day low and represented a 29.5% fall from 14.06 on 03/02 which was the the highest in the database .
Supporting Charts:
Bonds TLT: closed below 130.75, the 1/2R off the Jan high which is weaker price location in the ST.
Dollar Index: on 03/13 chart printed its highest level since 2003 and corrected from there. Today chart is printing above 98.28, the 1/2R off the recent high, which is strong price location.
Gold GLD: pre-open today is printing back below 115.12, the 12mn poc in a weaker price location.
Oil USO: pre-open today is printing just below 18.39, the 12mn poc. Time printed above this level would be a positive.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but broke that Support in March.
