posted 9.28 a.m. et
Pre-open comment Tuesday 14th February
It has now been 38 days since I marked Aggressive Selling.
Dayframe: The Minor poc (16dy) migrated again; to 1346 which is now First Level S/R. Good reference for today. If ES can print some time above that level I would expect more strength in ST. If not then this months VAL at 1334 (dotted) may need to be tested.
First Level S/R = 1346 (min poc)
Major Support = 1307 (maj poc) SPY = 131.28
Sentiment: Except for Options Ratios we have to say now that Sentiment indicators are registering bullish extremes. Historically this has indicated that upside is limited.
My version of the Rydex Assets Ratio was slightly lower at 4.15. Note that Friday’s ratio was 4.57 and there has only been one higher reading which was on 3rd May last year as the market topped.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Currently consolidating above the 3mnth poc at 1.30 but Momentum has turned down.
+ Dollar Index: Chart prints below the important 80.15 level but Momentum has turned up.
+ TLT: Chart is printing below (just) the 10month poc at 117.88 but Momentum has turned up.
imo these charts currently have a positive bias for equities but this could change.
