posted 9.21 a.m. et
Pre-open comment Friday 24th February
Buyers Responded early in Thursday’s session (green-at-bottom) to a test below Wednesday’s low. Later in the day Aggressive Buying was marked (green-at-top). This was the third time this month that both Responsive and Aggressive Buyers were marked on the same day. Buyers are still in control of the dayframe.
The ten day poc has migrated higher to 1355 and that is now minor Support.
First Level Support = 1355 (10 dy poc)
Second Level Support = 1346 (20 dy poc)
Sentiment: AAII (public) poll reported both Bulls and Bears up slightly which left the nett almost unchanged. But remember, data from w/e 02/10 showed 51.6% Bulls which was the highest since May last year. On Thursday my version of the Rydex Assets Ratio was lower at 4.32. Tuesday’s ratio at 5.14 was the highest ratio I have in my database.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: printed a new 50dy high today. Chart found Support last week at the 3mnth poc at 1.30.
+ Dollar Index: chart found Resistance last week at the important 80.15 level.
+ TLT: Chart found Resistance last week at the 10month poc at 117.88.
imo these charts currently have a positive bias for equities.
