posted 09.14 a.m. est
pre-open comment Friday 5th April
see yesterday’s comments highlighted on graphic. Thursday’s session generated an inside/narrower Value Area on less Volume. Wednesday’s red-at-bottom low was not tested but it almost certainly will be today with ES likely to open much lower.
%Stocks>50dyma numbers: Nyse 55%, Nasdaq 49%. Numbers >50 are supportive.
First Level Resistance = ES 1549 (35dy poc)
Support = ES 1517.50 (3mn poc)
My version of the Rydex Assets Ratio was slightly higher at 4.12. The 60day low for this number is 3.49. Recent high for the ratio was on 13th Feb at 5.22.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
– Bonds TLT: pre-open is printing at a new high for the year to dat. Price location is stronger above the maj poc at 117.15. Momentum is positive and up.
– Oil USO: prints below 34.17, the 1/2R and 3year poc. Momentum (although positive) has turned down.
– Gold GLD: On Wednesday printed its lowest level since the May low last year. Momentum is now negative and down.
– Silver SLV: Still in a weak price location printing below 27.87, the 12mn poc and on Thursday reached its lowest level since last July.
? Dollar Index: very volatile; now printing back below the 2month poc at 82.75. Momentum (although positive) is down.
? EURUSD: appears to have found Support at the Major poc at 1.2777. Price below that level would be extremely weak price location. The positive divergence between PriceOsc and Price has now been confirmed by the indicator turning up (although still negative).
imo these charts have a negative bias for equities.
