posted 09.23 a.m. est
Pre-open comment Monday 28th April
Last week I marked no Significant Buying or Selling. On Friday the 3mn poc migrated to 1864. This is a useful level to monitor and could be a level of Support or Resistance at the start of this week. Breadth is not supportive, see below.
First Level S/R = 1864.00 (3mn poc)
First Level Support = 1849.50 (minor 1/2R)
Second Level Support = ES 1835.50 (maj poc)
Stock Index ETFs are mixed pre-open relative to their impoartant levels. SPY prints below 187.73 (7mn poc); DIA prints above 163.40 (2yr poc), IWM prints below 112.27 (12mn poc); QQQ prints above 85.30 (8mn poc).
Breadth: CP Market Timing System – all major Market Charts are now negative.
Stocks>50dyma numbers: Nyse 48%, Nasdaq 25%, R2000 30%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 6.79. Previous week the ratio fell 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 below its maj 1/2R level (22.04).
+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 on Friday printed its highest level since June last year.
Dollar Index: printing just below 79.76, the maj poc.
Gold GLD: still printing below 127.20, its 18mn poc.
Oil USO: last week printed its highest level since September last year.
EURUSD: Printing above 1.3673, the 12mn poc Support.
