posted 9.21 a.m. et
pre-open comment Wednesday 21st March
On Tuesday Buyers Responded early (red-at-bottom) to a test of the minor (10dy) poc at 1395. The session was spent slowly moving higher but the Value Area generated was lower than Monday’s so the Buying was not Effective. However, pre-open today ES has printed as high as 1405.75 and as long as ES can hold above the minor Support at 1395 it is in a strong price location.
Minor Level of Support = 1395 (10dy poc)
First Level Support = 1366 (35 dy poc)
Second Level Support = 1346 (poc)
Sentiment: The volatile behaviour from the Rydex traders continues with my version of the Rydex Assets Ratio up on Tuesday to 4.83 (from 3.78). Highest ratio in my database was recorded on 02/29 at 5.25.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart is currently printing back above the four month poc (1.3069). An important chart to monitor.
– Dollar Index: Chart is currently printing just back below the major 1/2 at 80.15.
+ TLT: is printing just above 109.69 which is the six month low for this chart reached on Monday.
imo these charts are mixed and still do not have an obvious bias for equities. This could change soon.
