posted 9.27 a.m. et
pre-open comment Monday 26th March
Early in Friday’s session Buyers Responded (green-at-bottom) to a test of Thursday’s low and later in the day they Aggressively auctioned ES higher to the 1395 Resistance. Pre-open today ES has printed as high 1403.75. If Sellers do not Respond within first hour of the session today and ES can hold above 1395 it is in a strong location.
Chartprofit Market Timing System remained positive for all Major Market Charts.
First Level S/R = 1395 (20dy poc)
First Level Support = 1366 (45 dy poc)
Second Level Support = 1346 (poc)
Sentiment: My version of the Rydex Assets Ratio finished the week at 4.61. The 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 above the four month poc (1.3069) and printed a 17day high today.
? Dollar Index: Chart is currently testing the 5month poc Support at 79.09. An important chart to monitor.
? TLT: is printing well below its major poc – difficult chart to make a judgement on at the moment.
imo these charts do not have an obvious bias for equities. This could change soon. Particulary need to watch the Support on the Dollar Index chart.
