posted 09.20 a.m. est
Pre-open comment Wednesday 5th February
I do know that no Significant Buying or Selling was marked which means that the last imbalance was Monday’s Aggressive Selling. This red-at-bottom low has not yet been tested as they usually are within a day or two (80% of the time).
First Level Resistance = 1758.00 (prev poc and Dec low)
Stock index ETFs: All four ETFs have Momentum (PriceOsc) down and negative. Key charts/levels are DIA 152.70 = 12mn Support, QQQ 82.93 = 4mn Support.
Stocks>50dyma numbers: Nyse 29% (from 25%), Nasdaq 36% (from 35%), R2000 28% (from 27%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 5.22 (from 6.30). This shows some nervousness registering from the Rydex traders which has been absent. Not significant but worth monitoring.
Supporting Charts
Bonds TLT: printed a 6mn high on Monday. Technical Oscillators register overbought and Momentum (although positive) just ticked down.
Gold GLD: Tested the June low late December and has rallied from there but remains in a weak price location.
Oil USO: Consolidating above the 3yr poc (34.13) in a stronger price location.
Dollar Index: currently holding above the important 80.15 level with the maj poc at 79.76. Strong price location if it holds.
EURUSD: Recently broke out to a two year high but this was rejected and price reversed. Currently prints at the 9mn poc (1.3524).
