Pre-open comment Friday 2nd March
Another overlapping/higher Value Area on Thursday. It’s actually been slow progess upside so far this week but in the abscence of Significant Sellers I have to assume higher in the ST until I mark Significant Selling below 1357 and in the LT until I mark Significant Selling below 1346. Note: I haven’t marked Effective Selling at all this year.
Dayframe: The minor (7dy poc) at 1372.50 could be intraday Support or Resistance early in the session.
First Level Support = 1357 (15 dy poc)
Second Level Support = 1346 (25 dy poc)
Sentiment: The AAII (public) poll reported Bulls slightly higher at 44.5%. The recent high for Bulls% was 51.6%, w/e 02/10. Bears were slightly down at 26.8%, the low this year being 17.2% in mid Jan.
My version of the Rydex Assets Ratio was lower on Thursday to 4.69 but Wednesday’s ratio at 5.25 is the highest I have in my database.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: printed an 8day low today and momentum turned down but chart still in a strong price location above the four month poc at 1.3069.
? Dollar Index: although the chart is still below the important level at 80.15 it now prints back above the 5month poc at 79.09 and momentum is up.
+ TLT: chart prints below the 10month poc at 117.88.
imo these charts currently have a slight positive bias for equities. This could change.
