posted 9.26 a.m. et
pre-open comment Monday 14th May
I did not mark Significant Selling at all last week so the Buyers were given plenty of opportunity to Respond but they did not. That’s not encouraging. And, the last four Value Areas were printed entirely below the 1366poc which as I have said, is weak price location (see Friday’s comments, highlighted). ES closed the week within Mon-Wed Hi-Lo Range which is No Bias but previous week’s structure was Sellers Active.
Chartprofit Market Timing System: remained negative for all major Market Charts and %Stocks>50dyma numbers are less than 50.
First Level Resistance = 1366 (4month poc)
Sentiment: My version of the Rydex Assets Ratio indicates a lack of panic. Friday’s ratio was the highest of the week at 4.37. We will most likely see some sign of panic from this ratio before the market puts in any kind of meaningful low (contrarian).
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: is sharply lower today printing its lowest level since January.
– Dollar Index: is today printing well above 80.15, the major level.
– TLT: printing a new 3month high today
imo these charts have a negative bias for equities.
