posted 09.17 a.m. est
pre-open comment Friday 13th September
Aggressive Buying was marked on Monday and Wednesday this week following the Responsive Buying last Friday. ES is higher this week so this is Effective Dayframe Buying and the last seven Value Areas have all been generated above 1644.50, the 5mn poc, with no Significant Selling being marked. Buyers remain in control of the dayframe and if the week ends strongly then the LT analysis may also look more positive.
Stocks>50dyma numbers: Nyse 56%, Nasdaq 55%, R2000 49% Numbers >50 are considered supportive.
First Level Support = 1665 (min 1/2R off Aug high)
Second Level Support = 1644.50 (5mn poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 4.02, a twenty day high. The ratio reached as high as 5.43 at the market May high and as low as 2.15 on 07/10 (which was the lowest ratio since January 2012).
Supporting Charts
Bonds TLT: Chart remains in a weak price location below 107.22, the 4mn poc and prints close to the August low.
Oil USO: Now printing above both the 1/2R off 2011 high at 37.31 and 37.93 its maj poc in a stronger price location.
Gold GLD: Chart is currently printing below 134.17, the 12mn poc, in a weak price location. Pre-open today has printed a 24day low.
Dollar Index: Currently in weak price location below the major poc at 82.73. Bulls would want to see price recover that level.
EURUSD: Currently printing in a stronger price location above 1.3228, the 1/2R off Feb high.
