posted 08.05 a.m. est
pre-open comment Thursday 28th February
ES 1495 proved to be intraday Support early in the session and Wednesday generated a higher, wider Value Area which means that yesterday’s Aggressive Buying (green-at-top) was “Effective” Buying. New short trades are eliminated for me at least until Significant Selling is marked again. As I have said previously, it is rare to see both Significant Buyers and Sellers this active. There is a battle for control of the dayframe going on but it is worth mentioning that across this volatile range I have not marked “Effective” Selling, that was last marked back in mid December. ES auctioned high enough to probe the 1517.50 poc Resistance and this has not yet been exceeded. Time printed above this level would indicate higher. Note: I keep this analysis for Nasdaq100 emini and usually the imbalances confirm. Yesterday I did not mark Aggressive Buying on the NQ analysis. See the chart at www.chartprofit.com – current password chartp
S/R today = ES 1517.50 (poc). Next Level Support = ES 1495 (poc).
The %Stocks>50dyma numbers: Nyse 68%, Nasdaq 60%. Numbers >50 are supportive.
My version of the Rydex Assets Ratio was lower again at 3.54. The 35day low for this number is 3.49. The ratio reached 5.22 on 02/13 which was the highest reading since September. The highest reading in my database at 5.64 was in early April 2012.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
– Bonds TLT: is now printing well above 117.15, the major poc, which is much stronger price location. Momentum is up and positive.
– Oil USO: Last Thursday broke below the 1/2R and poc Resistance around 34.17. This chart is now in a weak price location along with GLD and SLV.
– Gold GLD: has shown weakness since it broke below 161.0, the major poc, two weeks ago. Has now printed its lowest level since July last year. Momentum remains down.
– Silver SLV: Last week printed its lowest level since August last year. Momentum is still down.
– Dollar Index: On Tuesday printed its highest level since August last year. Now printing above 81.35, the 1/2R off 2012 high. Price printing time above this level would be a further indication of strength.
? EURUSD: is today printing at/close to 1.3117, the 24mn poc potential Support.
imo these charts have a negative bias for equities.
