posted 10.18 am et
post-open comment Monday 12th March
Last week I marked Significant Buying twice and Significant Selling once. There was a probe below the 1346 poc on Tuesday but ES recovered to close the week above the Mon-Wed Range high which means the Weekly Structure was positive and indicates Buyers Active on this timeframe.
Chartprofit Market Timing System is positive for all major Market Charts.
Dayframe: Enough time was spent at 1366 to lift the 35day poc back to this level which is now First Level Support. Effective Selling marked below 1346 would now be the first sign of weakness.
First Level Support = 1366 (35 dy poc)
Second Level Support = 1346 (poc)
Sentiment: My version of the Rydex Assets Ratio finished the week at 3.79 which is well down from the ratio on 02/29 at 5.25 which was the highest I have in my database.
Supporting Charts (+ or – or ? for equities). UNCHANGED
(Momentum = daily PriceOsc)
? EURUSD: Currently prints just above the four month poc at 1.3069. An important level to monitor.
? Dollar Index: The chart is between two important levels. The major 1/2 at 80.15 and the 5month poc at 79.09.
+ TLT: chart prints below the 10month poc at 117.88.
imo these charts do not have an obvious bias for equities. This could change soon.
