posted 09.09 a.m. est
Pre-open comment Friday 2nd May
Thursday’s session found low at 1871.50 First Level Support, see yesterday’s comments. As long as this level holds ES is in a strong price location.
Dayframe: The minor (28day) poc migrated up to 1878.50. This may be a useful intraday level to monitor for ST traders.
First Level Support = 1871.50 (3mn poc)
Second Level Support = 1849.50 (minor 1/2R)
Major Support = ES 1835.50 (maj poc)
SPY, DIA and QQQ are currently holding their stronger price locations but pre-open IWM is still finding Resisatnce at 112.27, its 12mn poc. Once again this is a Key Chart/Level today.
Stocks>50dyma numbers: Nyse 53% (unch), Nasdaq 26% (unch), R2000 30% (from 31%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged again at 6.60. On 04/17 the ratio fell 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 probing 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 last week printed its highest level since June last year. Momentum (although positive) is down.
Dollar Index: printing below 79.76, the maj poc.
Gold GLD: still printing below 127.20, its 18mn poc and pre-open today has printed its lowest level since early February.
Oil USO: printing below 37.31, the 1/2R off 2011 high but has stalled at the 36.11 Support (1/2R off 2013 high).
EURUSD: Printing above 1.3673, the 12mn poc Support.
