Pre-open Friday 15th October
ES low on Thursday came in at the First Level S/R – see above. If ES can hold above today’s First Level S/R at 1172.50 early in the session we may well see another week finishing with strength.
First Level S/R today = 1172.5 (4daypoc).
Lower support at 1155.5 (10daypoc)
ST Sentiment: ISEE (equity only) index came in at 135, the lowest number since 31st August but my version of the Rydex Assets Ratio was up yesterday from 1.59 to 1.96. A little higher would put the Rydex Timers more bullish than they were at the August price high i.e. the most bullish they’ve for five months. imo that would have this indicator looking toppy.
Supporting Charts
– USDJPY: new low for this chart on Thursday.
+ EURUSD: chart now prints above major resistance at 1.3965 (1/2R off the 2008 high).
+ UDX: New ten month low today.
+ TLT: currently printing below the major 1/2R level resistance at 105.22 and a new two month low for this chart today.
imo these charts have a positive bias for equities.
