posted 07.55 a.m. est
from Bob Debnam
Unfortunately I am having technical difficulties today which will prevent me from producing a graphic in time for pre-open. I will post this as soon as possible after the open and let you know. Apologies for this.
Can let you know the following though:
from pre-open comment Thursday 28th February
>>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.<<
pre-open comment today – Tuesday 5th March
Following the Responsive Buying (green-at-bottom) marked on Friday I marked Aggressive Buying (green-at-top) on Monday. ES closed strong above the previous Resistance at 1517.50, the 3mn poc which is now Support. Overnight ES has made more progress and as I write has printed as high as 1530.25.
First Level Supprt = ES 1517.50 (3mn poc).
The %Stocks>50dyma numbers: Nyse 66%, Nasdaq 60%. Numbers >50 are supportive.
My version of the Rydex Assets Ratio was slightly higher at 3.73,. 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 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.