posted 9.28 a.m. est
Pre-open comment Tuesday 26th April
The 1327 (5month poc) support held during Monday’s session and again overnight. ES printing below this level would be the first indication of ST weakness and so far this week this has not occured. Although no Significant Buying has been marked since the gap up last Wednesday ES is consolidating those gains.
First Level S/R today is at 1333.00 (9day poc)
Support = 1327.00 (5month poc)
Dayframe: ES has already indicated strength last two sessions by holding above 1327. The First Level S/R today is at 1333 which is the minor (9day poc) and if this holds first hour of the session then February’s high at 1337.75 will likey be exceeded.
ST Sentiment: My version of the Rydex Assets Ratio was up to 3.55 from 3.47. The ratio reached 3.99 on Thursday 7th April. That’s the highest I have in my database.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Today printed its highest level since December 2009.
+ UDX: Has today printed its lowest level since August 2008.
– TLT: Currently printing above the 91.82 (18month poc) which means it is in a strong position.
imo these charts are mixed but have a postive bias for equities.
