posted 9.29 a.m. ET
Pre-open comment Wednesday 21st September
Pre-open ES has printed as low as 1189.75 probing the 1st Level Support at 1190.
My thoughts remain unchanged so please see yesterday’s comments highlighted on graphic.
1st Level Resistance = 1216.25 (1/2R off May high) (123.72 SPY)
1st Level Support ES = 1190 (45dy poc) (119.37 SPY 25dy poc)
2nd Level Support = 1147 (1/2R off Aug low) (116.89 SPY)
ST Sentiment: My version of the Rydex Assets Ratio was up at 1.47 (from 1.39). Bear Fund assets that I follow were almost unchanged but I note that Bull fund assets have moved higher for seven consecutive days and that a further small increase would lift the number to a 35 day high. The ratio itself is still relatively low with the lowest recent reading being 1.10 on 22nd Aug.
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 and reached a six month high last week.
– TLT: Printing well above the Maj 1/2R at 105.22 and this week printed its highest level since Jan 2009.
imo these charts have lined up negatively for equities.
