posted 9.29 a.m. est
Pre-open comment Tuesday 5th April
Both Friday and Monday found support at the 15day poc at 1324. This remains First Level Support today.
Most recent imbalance is the Aggressive Buying five days ago so Short Trades are still eliminated for me.
ES has consolidated above the gap higher four days ago and no Responsive Selling has been marked. As long as ES holds above 1318 it remains in a strong price location. Significant Selling marked below that level would indicate lower.
First Level Support = 1324 (15day poc)
Second Level Support = 1318 (2mth poc)
ST Sentiment: My version of the Rydex Assets Ratio was up again to 3.87. I only have one reading higher than this and that was 3.94 on 19th January.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Yesterday the chart came very close to testing the November high at 1.4282.
+ UDX: Recent test of November’s low did not see the chart lower but the Dollar Index is still in a weak price location.
? TLT: the 1/2R off the February low at 91.54 has so far provided support since the March high. Chart currently prints above that level.
imo it is currently difficult to infer an ST bias for equities from these charts.
