Pre-open Friday 16th April
First Level S/R is the 5day poc at 1195.
Wednesday’s green-at-top high was exceeded as expected but there’s too much complacency and a lot of public Bulls (see below). I’m staying bullish for now as there is still no sign of the Significant Sellers but becoming increasingly cautious as the market pushes to new highs for this rally.
ST Sentiment:
The ISEE (equity only) index came in 348 which is a record high and off the charts indicating way too many public Bulls. The Rydex data is not as extreme. My version of the Rydex Assets Ratio was up only slightly from to 2.0 to 2.2.
VIX closed at 15.89 just above the close on Tuesday which was the lowest since July 2007.
Supporting Charts with important levels. Pre-open:
USDJPY prints below 93.60
EURUSD prints below 1.360
UDX prints above 80.15
imo these charts do not support higher equities.
