With apologies I am unable to produce a full pre-open comment with graphic today. Having upgraded my operating system late yesterday my real-time data “died” on me. Waiting for tech support to aopen get me back up and running. Some notes below.
from pre-open Tuesday 8th March
>>Dayframe: During Monday’s session intraday Buyers were active, see highlighted numbers. However they only managed to generate an “inside” Value Area which was not an Effective performance in the dayframe. Significant Sellers have not yet been marked responding to these higher prices but overnight ES has printed as low as 1980.75, subsequently bouncing back to 1994,the 1/2R off Friday’s high. If price fails to print time back above that level post-open it may be the first sign of minor weakness.<<
>>from pre-open Wednesday 9th March
Dayframe: Post-open on Tuesday ES was not able to print above 1994, the v minor 1/2R off Friday’s high. That 1/2R has moved lower to 1991.75.
Longframe: As long as ES holds above above 1956.90, the 1/2R off last year’s high it is in a LT strong price location.<<
Pre-open Thursday 10th March
First Level Support = 1956.90 (1/2R off last year’s high)
Second Level Support = ES 1886.50 (70 day poc)
Major Support (major) = ES 1870 (previous maj poc)
Stocks>50dyma numbers: Nyse 81% (from 78%), Nasdaq 67% (from 65%), R2000 72% (from 70%). Numbers >50 are supportive.
Sentiment : My version of the Rydex Assets Ratio was unchanged at 4.08. The market was up strongly last week but the ratio fell. The rydex traders are being very slow to get on this rally. This is a contrarian indicator. Twelve days ago the ratio fell to 2.64 which was the lowest since November 2012.