posted 9.26 a.m. et
Pre-open comment Friday 3rd February
ES spent the last two sessions consolidating above 1313 which kept it in a strong price location (see pre-open comment Tuesday). The minor poc of the range shown on this chart (seven days) migrated up to 1322.50 and that is now First Level Support.
Following strong jobs figures ES has printed as high as 1336.75 pre-open.
First Level S/R = 1322.5 (min poc)
Second Level S/R = 1307 (35dy poc) SPY = 131.28
Sentiment: AAII (public) poll reported Bulls at 43.8%, down from 48.4% and Bears at 25.1%, up from 18.9%. An increase in negative sentiment in an up week is usually ST Bullish (contrarian). My version of the Rydex Assets Ratio was up slightly to 3.31. Wednesday’s ratio at 3.57 was the highest reading since late July last year. This is a little concerning but price action/location is more important.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Currently prints above 1.2811 and above the 3mnth poc at 1.30 with momentum up.
+ Dollar Index: pre-open Chart prints below the important 80.15 level. Momentum is down.
+ TLT: currently the chart is printing back below the 10month poc at 117.88.
imo these charts have a positive bias for equities.
