posted 09.00 a.m. est
pre-open comment Friday 15th February
On Thursday Significant Buyers Responded (green-at-bottom) very early in the session to a brief probe below the lowest VAL of the last five days. This suggests Buyers are still in control of the of the dayframe with any Selling imbalances so far proving ineffective. “Effective” Selling has not been marked since mid December. Short trades are now eliminated for me at least until Significant Selling is marked again.
Dayframe: The 9day poc is now 1517.50 and this level may be useful as S/R reference intraday.
First Level Support = 1495 (45dy poc)
%Stocks>50dyma numbers: Nyse 83% and Nasdaq 75%. Numbers >50 are supportive. Numbers>80 usually considered overbought.
My version of the Rydex Assets Ratio was down on Thursday to 4.32. Wednesday’s ratio at 5.22 was the highest reading since 18th September. The highest reading in my database at 5.64 was in early April 2012. Ratio has rarely been above 5 in my database.
Supporting Charts (+ or – or ? for equities). UNCHANGED. Momentum = daily PriceOsc
+ Bonds TLT: has spent the majority of the last twelve trading days printing time below 117.15, the major poc, which is weak price location.
? Oil USO: has worked off some of its technical “overboughtness” and is currently holding above the 1/2R and poc Resistance around 34.17. Momentum indicator turning back up would be a positive for this chart.
– Gold GLD; Silver SLV: Gold GLD broken below the 161.0 major poc on Monday. This is weak price location. Silver SLV is a Key Chart. It rallied to 31.25, its major poc Resistance, twice in January and looks to have failed at that level. This chart, like GLD, is in a weak price location.
– Dollar Index: printed a 24dy high yesterday above 80.15, the major level.
– EURUSD: today prints below 1.3416 (1/2R off 2010 low).
All these charts print close to their major levels so things can change quickly in terms of price location strength/weakness. Bonds ETF TLT is probably the key chart relative to its maj poc at 117.15.
