Pre-open Friday 11th March
A brief probe below yesterday’s First Level S/R at 1139.5 found Responsive Buyers active again (green-at-bottom). Later in the day Aggressive Buyers (green-at-top) auctioned ES to a strong close – a new high since March 09 low. Pre-open today (08.45) ES prints 1155.5 – higher again seeking Responsive Sellers. Significant Sellers have not been marked since 4th February.
from webcast earlier this week:
“If we are looking for potential turning pivots, pivot dates, then the end of the month I think is a more likely time period. One potential scenario I’m looking at here is the S&P breaking out to a new high (along with the Russell and the Nasdaq) – an acceleration from the Emini up to about 1190 or just above towards the end of the month accompanied by extreme optimism reflected in the sentiment indicators”
Sentiment readings are edging higher.
LT sentiment:
AAII (public poll) Bulls came in at 45.3%. That’s the highest number since the Jan price high and sits at 85% in a six month range of readings.
ST sentiment: My version of the Rydex Assets ratio was almost unchanged at 2.1 but the ISEE (equity only) Index came in high again at 201. Every number this week has been above 200 which is rare.
