posted 09.13 a.m. est
pre-open comment Friday 1st March
Thursday generated a higher, narrower Value Area. VAH based on the range since mid January comes in a 1519.50 (dashed line on chart). ES is finding it difficult to print time above here. The poc at 1517.50 was tested yesterday but weakness in the p.m. meant ES closed below this level. Pre-open has printed as low as 1503.25.
Dayframe: ES1506 is minor 1/2R off February’s high. This may be intraday Support or Resistance and provide a clue re ST direction. Watching to see if ES can hold above this level early in today’s session.
First Level Resistance = ES 1517.50 (3mn poc). Support = ES 1495 (poc).
The %Stocks>50dyma numbers: Nyse 68%, Nasdaq 61%. Numbers >50 are supportive.
My version of the Rydex Assets Ratio was slightly higher at 3.79 (from 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: Late last week broke below the 1/2R and poc Resistance around 34.17. This chart is in a weak price location.
– 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: Has today printed its highest level since August last year. In a strong price location above 81.35, the 1/2R off 2012 high.
– EURUSD: Has today printied its lowest level since early December.
imo these charts have a negative bias for equities.
