posted 9.20 a.m. est
Pre-open comment Monday 7th February
from Friday pre-open “The minor poc has yet to migrate higher but a little more time at 1302/03 would do it”.
During Friday’s session, more time was spent at 1302/03 which lifted the minor poc and triggered higher prices (see Thursday’s comments). Overnight ES has been as high as 1313.75.
Last week I marked four instances of Significant Buying and no Significant Selling.
The Chartprofit Market Timimg System is positive for all major Market Charts except UK which is neutral.
First Level Support = 1302.50 (minor 8dy poc)
Second Level Support = 1293 (minor 16dy poc)
More important Support = 1281.50 (3month poc)
ST Sentiment: My version of the Rydex Assets Ratio ended the week at 3.06. This is historically still very high but down from 3.94 (on 01/19) which was the highest reading I have in my database.
Supporting Charts (+ or – or ? for equities)
– EURUSD: Webcast today will highlight the importance of the price level around 1.3580. Price is close to but currently back below this level and therefore indicating weakness. Must print back above to be in strong position.
+ UDX: Still weak below resistance at 78.53.
+ TLT: Reference level is now 91.80. Chart currently weak below that level. New multi-month low on Friday.
imo these charts have a slight positive bias for equities – confirmed if EURUSD can print back above 1.3580.
