Pre-open comment Friday 8th May
Thursday’s session auctioned as high as 2088.00 the 1/2R off April high, see yesterday’s comment. However, following jobs data release pre-open today ES spiked sharply higher above 2100. Therefore, 2095.50 (4mn poc) is now First Level Support and as long as ES can hold this level it is in a strong price location. This and more will be discussed in today’s webcast.
First Level Support = 2095.50 (4mn poc)
Second Level Support = ES 2045.00 (7mn poc)
Stocks>50dyma numbers: Nyse 43% (from 42%), Nasdaq 40% (from 38%), R2000 35% (from 34%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 11.24 (from 10.80). The highest ratio in the database was at 14.06 on 03/02.
