posted 9.28 a.m. est
Pre-open Thursday 27th May
ES continues to print below the 1094 level but only just – see chart left. Pre-open ES has printed as high as 1092.
Current sentiment readings (see below) are suggesting increasing likelihood of a bounce here at least and the odds for that would improve if ES can print some time above this important level.
I’m not interested in long trades until I mark Effective Buying above 1094 or long positions until the CP Market Timing system turns positive again.
LT Sentiment: The Bears have showed up strongly in these week’s consensus polls. AAII (public) poll reported Bears at 50.9%, the highest number since the November 09 low. And Investors Intelligence (newsletters) poll showed Bears at 29.3% the highest since the June 09 low. This is Bullish (contrarian).
ST sentiment: My version of the Rydex Assets Ratio was up slightly from 1.3 to 1.4 (Monday’s ratio of 1.1 was the lowest level since July 2009.)
Supporting Charts (technicals based on daily Price Oscillator)
? USDJPY: Price Osc dn for 12 days but printing above the 89.97 poc
– EURUSD: Trend still down and close to the low set last week.
– UDX: currently printing above the daily chart resistance at 85.14
? IEF has backed off from the 1/2R resistance.
these charts mixed in the short term
