posted 9.25 a.m. est
Pre-open Thursday 29th April
Wednesday’s Value Area was overlapping/lower and narrower. Volume was less than Tuesday but still well above the 20dy average.
Dayframe: If ES is going higher in the ST then the 1/2R from Monday’s high at 1196.50 (dotted) will likely provide support at some point on the intraday charts. This is the most important level to watch today. I cannot consider new longs in this timeframe until Buyers are marked again.
1183.50 is the First Level S/R (20dy poc).
Longframe: CP Market Timing System (weekly) is positive.
Dayframe: Sellers in control.
ST sentiment: My version of the Rydex Assets Ratio was down from Monday’s spike but only slightly – to 2.9. This does not indicate any kind of panic from the Rydex timers which is most likely ST bearish.
The ISEE (equity only) index came in at 197 which leaves the 10dyma above 200 at 225 – still very high.
VIX spiked above 23 on Tuesday which sent the RSI(13) indicator above 70. That event has a habit of marking (at least) short-term bottoms on the price chart.
Supporting Charts with important levels:
+ USDJPY prints above the 1/2 level at 93.60.
– EURUSD still in a weak position and momentum is down (PriceOsc)
– UDX prints above support band 80.15-80.30. Broke to a new high again yesterday.
? IEF found resistance on Tuesday at the 90.50 poc but daily price osc still moving higher.
These charts are currently mixed for equities:
Can USDJPY hold above 93.60?
Will IEF continue to find resistance at 90.50?
