posted 09.23 a.m. est
pre-open comment Tuesday 9th April
See yesterday’s highlighted comments. In the early part of Monday’s session ES was capped upside by the 1548.50 poc level. In the p.m. ES was auctioned above this level and Aggressive Buying (green-at-top) was marked. Short trades are now eliminated for me at least until Significant Selling is marked again. Almost all the Value Area was printed below the poc so a further positive in the ST would be ES printing time (a VA) above that level which it did not manage to do yesterday.
Index ETFs: In the LT we have some good reference levels. DIA found Support last week at its 2mn poc at 144.27 and IWM at its 3mn poc at 90.44. Price below these levels would be weak price location and a real negative. Currently these charts are in strong price location.
%Stocks>50dyma numbers: Nyse 57%, Nasdaq 49%.
First Level Support = ES 1548.50 (5month poc)
Second Level Support = ES 1517.50 (min poc)
My version of the Rydex Assets Ratio was lower at 3.78 (from 3.94). 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: Last week printed a new high for the year to date and probed the obvious Resistance at 123.42, the 1/2R off last July’s high. This Resistance has not yet been overcome. Momentum is positive and up.
– Oil USO: prints back below 34.17, the 1/2R and 3year poc. Momentum (although positive) is down.
– Gold GLD: Last week 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 last week printed 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: 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 was confirmed last week by the indicator turning up (although still negative). Today the chart is probing the 1.3070 (24mn poc) Resistance, price printing above this level would put the chart in a stronger price location.
imo these charts are mixed and do not have a clear bias for equities.
