posted 9.27 a.m. edt
Pre-open comment Wednesday 7th September
ES found Intraday Support at 1153, the 1/2R off Aug low (dotted). That was the first minor sign of strength and 1153 is now 1st Level Support. The 35dy poc migrated down to 1142 and that is now 2nd Level Support. I did not mark any Significant Buying and until that happens the analysis remains negative on both timeframes. The 30dyVAH comes in around 1186 (dotted) – (SPY 118.90). ES has printed as high as 1182.50 as I write pre-open.
1st Level Support = 1153 (1/2R off Aug low) (SPY 116.89)
2nd Level Support = 1142 (35dy poc) (SPY 114.27)
ST Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 1.38. The recent low for this ratio on 22nd Aug was 1.10, the lowest reading since Sep 2010.
Supporting Charts (+ or – or ? for equities).
– EURUSD: Has broken below the Major poc at 1.4212. Printed a 40day low on Tuesday.
– Dollar Index: Currently printing above the 74.96 poc.
– TLT: This week printing its highest level since Jan 2009.
imo these charts have lined up negatively for equities.
