Pre-open comment Friday 17th April
As long as ES prints above 2072.00 it is in a strong ST price location and if it prints above 2045.00 it is in a strong LT position.
Dayframe: Thursday’s session generated an overlapping Value Area above 2089.50, the v minor poc. However, ninety minutes pre-open ES is printing below that level having auctioned as low as 2082.25. See yesterday’s comments.
First Level Support = 2072.00 (20dy poc)
Second Level Support = ES 2045.00 (7mn poc); SPY 205.00
Stocks>50dyma numbers: Nyse 63% (from 65%), Nasdaq 64% (from 65%), R2000 65% (from 66%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.99. Last week the ratio fell to 9.91 which was a 50day low and represented a 29.5% fall from 14.06 on 03/02 (the highest in the database).
Supporting Charts:
Bonds TLT: enough time has been printed at 129.80 to migrate the 6mn poc to this level. It is now important that the chart holds above this level.
Dollar Index: is today printing below 98.28, the 1/2R off the recent high in a weaker price location. More importanat Support is at 94.67, the 12mn poc.
Gold GLD: pre-open today is printing above 115.12, the 11mn poc.
Oil USO: this week chart has been printing above 18.39, the 12mn poc in a stronger price location than recently.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but broke that Support in March.
