Pre-open comment Friday 29th April
Wednesday’s green-at-top high was exceeded. Value Area was higher. Monday marked the low of the week so far with Thursday on the high. If Friday closes above 1354 (Wednesday’s high) we have a bullish Weekly Structure this week. No Sellers marked for 10 days.
4day Support = 1342
11day Support = 1333
5month Support = 1327
LT Sentiment: AAII (public) poll: Bulls up to 37.9% (from 32.2) and Bears down slight;ly at 30.6% (from 31). The nett up from 1.2 to 7.3.
ST Sentiment: My version of the Rydex Assets Ratio reached 4.02 on Thursday. Up slightly from Wednsday. This is the highest I have in my database. By this measurement the public are extremely bullish which is usually a warning.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Thursday printed its highest level since December 2009.
+ UDX: Has today printed its lowest level since August 2008.
– TLT: Currently printing above the 91.82 (18month poc) which means it is in a strong position.
imo these charts are mixed but have a postive bias for equities.
