posted 09.10 a.m. est
pre-open comment Monday 4th March
Last week I marked Significant Buyers twice and Significant Sellers twice.
On Friday Buyers Responded (green-at-bottom) early in the session. New short trades are eliminated for me at least until Significant Sellers are marked again.
Dayframe: ES1506 is minor 1/2R off February’s high. Price below this level would be a weaker price location.
First Level Resistance = ES 1517.50 (3mn poc). Support = ES 1495 (poc).
Chartprofit Market Timing System stayed positive for all Major Market Charts. The %Stocks>50dyma numbers: Nyse 67%, Nasdaq 62%, UK 82%. Numbers >50 are supportive.
My version of the Rydex Assets Ratio ended the week at 3.59. The 40day 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: two weeks ago 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, three weeks ago. Has now printed its lowest level since July last year. Momentum remains down.
– Silver SLV: recently printed its lowest level since August last year. Momentum is still down.
– Dollar Index: on Friday printed its highest level since August last year. In a strong price location above 81.35, the 1/2R off 2012 high.
– EURUSD: on Friday printed its lowest level since early December. imo these charts have a negative bias for equities.
