Pre-open comment Monday 27th February
Longframe: Weekly Structure showed no bias (previous week, w/e 02/17, showed Buyers Active). Chartprofit Market Timing System remained positive for all Major Market Charts.
Friday was 91 days up from the November low which is a common low to high cycle and most Sentiment measures have shown excessive optimism recently so there is potential for a turn here but no confirmation from price. Effective Selling marked below 1346 would be the first indication of weakness on this timeframe.
Dayframe: as noted Friday, the ten day poc migrated higher to 1355. Pre-open ES has printed as low as 1355.25. On this timeframe the first minor indication of weakness at the start of this week is ES printing time below this level.
First Level S/R = 1355 (10 dy poc)
Second Level Support = 1346 (20 dy poc)
Sentiment: My version of the Rydex Assets Ratio finished the week at 4.53. Last 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 on Friday. Chart recently found Support at the 3mnth poc at 1.30.
+ Dollar Index: chart recently found Resistance at the important 80.15 level.
? TLT: pre-open prints above (just) the 10month poc at 117.88.
imo these charts currently have a slight positive bias for equities.
