posted 09.18 a.m. est
Pre-open comment Thursday 24th April
I noticed that when sampled on a five minute basis the poc at 1835.50 became more important than just 6mn Support. This occured on the recent dip. Therefore I label it as major poc for this chart and the key level in the LT. The seven month poc for SPY (30 minute basis) also migrated higher, to 187.73. POCs migrating higher are usually a bullish indication but important these charts now hold these levels. Also see Key Chart XLF below.
Dayframe: This week the minor (2mn) poc migrated higher to 1864. For ST traders this is worth noting.
First Level Support = 1849.50 (minor 1/2R and 3mn poc)
Second Level Support = ES 1835.50 (maj poc)
Stocks>50dyma numbers: Nyse 59% (from 61%), Nasdaq 33% (from 38%), R2000 41% (from 47%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 6.14. Last week the ratio reached as low as 4.83, a 72day low.
Supporting Charts (+ or – shown as implied bias for equities)
+ KEY Chart Financial Sector XLF: pre-open today prints back above its maj 1/2R level (22.04) in a stronger price location.
+KEY Chart EURJPY: chart is printing above 140.96, the 1/2R off Dec high.
– KEY Chart Bonds TLT: recently tested and held, the 2year poc Support at 107.24 and last week printed its highest level since June last year.
Dollar Index: printing almost at 79.76, the maj poc.
Gold GLD: printing a 52day low pre-open today.
Oil USO: last week printed its highest level since September last year.
EURUSD: Printing above 1.3673, the 12mn poc Support.
