posted 9.22a.m.
From pre-open comments Tuesday 5th May
>>As expected, the market is accelerating up into this week’s time pivot……price location is currently strong with ES printing VA above 872.
….A sharp increase in bullish sentiment would raise the chances of this overbought rally running out of steam. Last week a number of sentiment indicators actually saw an increase in bearishness which is short-term bullish. <<
Pre-open Wednesday 6th May
On Tuesday the VIX hit a 7 month low and the ISEE Index (Equity only) reached 225 which is the second highest reading since the start of 2008.
First level support at 896. ES will almost certainly open at a new high for this week.
