posted 9.19 a.m. et
pre-open comment Friday 23rd March
This week’s price action will have the look of a reversal bar on the weekly chart if there is a weak close today. Also a close below 1392 (Tuesday’s low) would mean that this week’s structure wouldd be marked as Sellers Active and that hasn’t happened in many weeks. As I wrote yesterday, Bulls would want to see ES recover back above 1395 which is the minor poc and also the very minor 1./2R off Monday’s high. Overnight ES did rally to this level but found Resistance and fell back. If ES can print back above 1395 early in the session it may indicate higher in the ST but if it fails to do so we could see a weak end to the week.
First Level Resistance = 1395 (10dy poc)
First Level Support = 1366 (35 dy poc)
Second Level Support = 1346 (poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 5.04 which is historically an extremely high number. Highest ratio in my database was recorded on 02/29 at 5.25.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart is currently printing back above the four month poc (1.3069). Printed a 15day high today. An important chart to monitor.
? Dollar Index: Chart is currently printing between two important levels. The major 1/2 at 80.15 and the 5month poc at 79.09.
? TLT: is printing well below its major poc – difficult chart to make a judgement on at the moment.
imo these charts do not have an obvious bias for equities. This could change soon.
