posted 9.20 a.m. edt
Pre-open comment Monday 12th September
Note: we are following the Dec contract now.
Chartprofit MarketTiming System for both Nyse and Nasdaq Market Charts remained negative for the eigth consecutive week. Over the last seven trading days I have marked five instances of Significant Selling and one of Significant Buying.
Effective Selling marked below 1133 (Dec) would greatly increase the chances that the August low will be tested.
1st Level S/R = 1133 (35dy poc) (114.27 SPY)
1st Level Resistance (Dec) = 1147 (1/2R off Aug low) (SPY 116.89)
Maj Support ES = 1094 (Maj LT poc)
Maj Support SPY = 112.31 (Maj 1/2R) & 109.15 (MAJ LT poc)
ST Sentiment: My version of the Rydex Assets Ratio finished the week at 1.28. 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 Major Support at 1.4212 (maj poc) and 1.3965 (maj 1/2R).
– Dollar Index: Currently printing above the 74.96 poc at a six month high.
– TLT: Last week printed its highest level since Jan 2009.
imo these charts have lined up negatively for equities.
