Pre-open comment Friday 14th October
ES printed enough time at 1189 to lift the 4month poc to this level (see Monday’s pre-open comment highlighted on graphic). If ES holds above this level and prints time above the 1/2R at 1214.50 1/2R it will be back in a strong price location, albeit ST overbought). Another ST Bullish indication is the %Stocks>50dyma numbers for both Nyse and Nasdaq which now print above 50.
Resistance (or Support?) = 1214.50 1/2R off May high (SPY 122.30)
Support = 1189 (4month poc) (SPY 119.44 = 40dypoc)
ST Sentiment: My version of the Rydex Assets Ratio was up at 1.65 which is a 40 day high. Bear Fund Assets that I follow were down 10% to a 33 day low.
Supporting Charts (+ or – or ? for equities).
? EURUSD: Broke Major Support in early September but has recovered back above 1.3416 (1/2R Support off June 2010 low). Momentum (PriceOsc) has been higher for fourteen consecutive days.
? Dollar Index: Last week printed its highest level since January but momentum (PriceOsc) has been lower for thirteen consecutive days.
? TLT: Last week printed a new high testing again the old high from December 2008. Currently printing back below that level and daily momentum has turned down.
imo these charts have a negative bias for equities in the LT but positive in the ST.
