posted 9.09 a.m. et
pre-open comment Friday 14th September
The low for Thursday’s session came almost immediately after the Open and was exactly at the 1435 poc. Aggressive Buying was marked later in the day as the SP500 broke to new multi-year highs. Key Charts NasdaqComp and Nasdaq100 indices are now printing above their Major1/2 Levels. Hopefully QQQ will do likewise.
My version of the Rydex Ratio is back above 5 which will be a concern if it gets a little more excessive. If the market pushes higher that could happen along with the possibility of the VIX testing its recent multi-year low.
First Level Support = 1435.00 (15dy poc)
Other Key Charts/Levels: Watching Major 1/2R levels closely this week on the following charts. QQQ still printing below 70.1; Nasdaq Comp now printing above 3120.50; Nasdaq 100 now printing above 2805.60
Sentiment: My version of the Rydex Assets Ratio was higher on Thursday at 5.07. Last Thursday’s ratio printed 5.35 and I only have two readings higher than this in my database. These are 5.64 on 3rd April and 5.43 on 2nd May.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ KEY CHART EURUSD: On Thursday printed its highest level since May and is now printing above the 1.2777 major poc.
+ KEY CHART Dollar Index: On Thursday printed its lowest level since early May and is now printing below the major level at 80.15.
+ TLT: Key Chart. On Thursday printed its lowest level since May.
imo these charts have a positive bias for equities.
