posted 9.24 a.m. et
pre-open comment Friday 16th March
Note: we now follow the June contract.
pre-open ES has printed as high as 1400.50 which is a new rally high for this contract. If ES closes the week above 1394.25 it will be a postive Weekly structure with Buyers marked as active on this timeframe.
Dayframe: the very minor (9day) poc moved up to 1395. Potential intraday Support here.
First Level Support = 1366 (35 dy poc)
Second Level Support = 1346 (poc)
Sentiment: Re my version of the Rydex Assets Ratio – this indicator’s current level of volatility is unusally extreme making it difficult to interpret. On Wednesday the ratio shot back up to 5.1 (from 3.07) and yesterday it fell back to 3.88. The high for the ratio was on 02/29 when it reached 5.25. If that level is exceeded we would have something to work with.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart is currently printing just back above the four month poc at 1.3069 and technically oversold. An important chart to monitor.
– Dollar Index: Chart is currently printing just back below the major 1/2 at 80.15 and technically overbought.
+ TLT: is printing just above 109.92 which is the six month low for this chart. The low for TLT today is 110.16.
imo these charts are mixed and still do not have an obvious bias for equities. This could change soon.
