posted 08.05 a.m. est
pre-open comment Friday 25th October
Thursday generated a higher, wider Value Area above the minor poc at 1737.50, see previous comments, highlighted. Aggressive Buying (green-at-top) was marked. Significant Selling has not been marked for twelve days.
First Level LT Support = 1685.50 poc
Second Level LT Support = 1653.50 poc
Stocks>50dyma numbers: Nyse 83%, Nasdaq 72%, R2000 78%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 4.10. The recent high for the ratio was 4.54 on 1st October, a ratio above that would be the highest since early June. At the market May high the ratio reached as high as 5.43.
Supporting Charts
Bonds TLT: 8mn poc migrated back up to 107.18 this week. TLT currently above that level in a stronger price location. Momentum is positive and up.
Gold GLD: Remains below 134.17, the 12mn poc, in a weak price location.
Oil USO: On Thursday reached its lowest level since early July. Momentum is negative and down. There is Support a little lower at 34.17 = 1/2R off 2009 low and 34.13 = 3yr poc.
Dollar Index: On Wednesday printed its lowest level since early February. Momentum is negative and down. Printing below important 80.15 level in weak price location.
EURUSD: Has today printed its highest level since November 2011.
