posted 9.29 a.m. est
Pre-open comment Thursday 10th March
Overnight ES has tested the 8dayVAL at 1306. Currently at 1308.
Note how the last six sessions have all printed within the range of Tuesday 1st March, i.e. the red-at-top high of that day has yet to be exceeded. The struggle for control of the dayframe continues but if ES remains below the 4month poc at 1318 the odds favour the Sellers.
First Level Resistance = 1318.00 Maj Support 1281.50
8dayVAH = 1325 (dotted) 8dayVAL = 1306 (dotted)
Daily breadth numbers are currently holding up.
ST Sentiment: My version of the Rydex assets Ratio was almost unchanged at 3.29.
Supporting Charts (+ or – or ? for equities).
? EURUSD: In strong price location but may be turning down. Overbought technically, PriceOsc is negatively diverging and may tick down today.
? UDX: In weak price location but may be turning up. Oversold technically, PriceOsc is positively diverging and may tick up today.
+ TLT: did not hold above the 6month poc at 91.80. Weak position.
imo these charts are mixed and it is difficult to imply a bias for equities.
