posted 09.23 a.m. est
Pre-open comment Friday 25th April
ES found Support intraday at the minor (2mn) poc at 1864, see yesterday’s highlighted comments. Average Hi-Lo range for ES recently has been about 36 points. This week the Hi-Lo range so far is only 26 points suggesting potential for range expansion today. As long as ES holds 1864 it is in an ST strong price location but pre-open today has printed as low as 1865.75. Note that pre-open SPY prints below 187.73, its 7mn poc.
First Level Support = 1849.50 (minor 1/2R and 3mn poc)
Second Level Support = ES 1835.50 (maj poc)
Stocks>50dyma numbers: Nyse 57% (from 59%), Nasdaq 32% (from 33%), R2000 39% (from 41%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 6.94. Last week the ratio reached as low as 4.83, a 72day low.
Supporting Charts (+ or – shown as implied bias for equities)
– KEY Chart Financial Sector XLF: pre-open today prints kust below its maj 1/2R level (22.04).
+KEY Chart EURJPY: chart is printing above 140.96, the 1/2R off Dec high.
– KEY Chart Bonds TLT: recently tested and held, the 2year poc Support at 107.24 and pre-open today has printed its highest level since June last year.
Dollar Index: printing almost at 79.76, the maj poc.
Gold GLD: printed a 52day low on Thursday
Oil USO: last week printed its highest level since September last year.
EURUSD: Printing above 1.3673, the 12mn poc Support.
