posted 9.12 a.m. et
pre-open comment Thursday 29th March
ES closed the gap-up we saw on Monday and by the session Close had recovered back above 1395, the 25dy poc. However, pre-open today ES prints very close to that level. I have yet to mark Significant Sellers but if Sellers are marked below 1395 that would be the first sign of weakness on this timeframe. Today, 1395 could potentially be intraday Support or Resistance
First Level S/R = 1395 (25dy poc)
Support = 1366 (45 dy poc)
Sentiment: My version of the Rydex Assets Ratio was down very slightly to 5.17 from yesterday’s ratio of 5.29 which is the higest ratio in my database. As I wrote yesterday, “historically this has been a warning for the market and usually suggests that upside is limited at least”.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Chart is currently printing above the four month poc (1.3069).
? Dollar Index: pre-open chart is printing just above the 5month poc 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 Dollar Index chart.
