posted 9.29 a.m. est
Pre-open comment Tuesday 12th April
On Monday there was an early probe above the 5month poc at 1328.50 which was quickly rejected. Aggressive Selling (red-at-bottom) was marked later in the day taking ES down for a probe of the First Level Support at 1318. Session closed above that level but overnight weakness has seen ES as low as 1310. There has now been four instances of Significant Selling marked in four days and no Buying. Long Trades eliminated for me since pre-open Thursday.
Resistance1328.50 (5month poc)
First Level Resistance = 1318 (prev poc)
Support between 1289.50 1/2R off February high and 1293 (prev poc)
ST Sentiment: My version of the Rydex Assets Ratio was down at 3.70 from 3.99, the highest I have in my database. This indicator says the Public are very bullish and this is usually a warning.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Higher today. Now at highest level since January 2010.
+ UDX: Lower today. Now at lowest level since December 2009.
+ TLT: Chart has broken below the 1/2R off the February low at 91.54 which puts it in a weak position.
imo these charts have a positive ST bias for equities.
