posted 9.22 a.m. et
pre-open comment Thursday 22nd March
All of Wednesday’s session was spent above 1395, the minor (10dy) poc. However overnight there has been weakness with ES printing as low as 1386.75 as I write. The 10dy poc at 1395 now becomes First Level Resistance. ST Bulls would want to see ES recover back above that level as further weakness to the end of this week would give a “reversal bar” look to the weekly chart. First real sign of a change in the daily trend would not come unless chart prints time below the 1366 Support.
First Level Resistance = 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 was almost unchanged at 4.54 (prev 4.83). 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 between two important levels. The major 1/2 at 80.15 and the 5month poc at 79.09.
+ TLT: is printing a little higher than the six month low for this chart at 109.69, reached on Monday.
imo these charts are mixed and still do not have an obvious bias for equities. This could change soon.
