posted 9.29 a.m. est
Pre-open comment Friday 8th April
see yesterday’s comments (highlighted on graphic)
Thursday’s session saw early weakness which recovered. Low held above the 1318 support but the high-low range for the week was slightly extended . This is still well below the recent Weekly average of 30 points so range extension is expected. As ES is currently printing back above the First Level S/R at 1328.50 this is likely to be higher.
The minor poc (3-4 weeks) at 1328.50 remains the most important level to monitor ST.
First Level S/R = 1328.50 (minor poc)
Support = 1318 (2mth poc)
ST Sentiment: My version of the Rydex Assets Ratio was up to 3.99. That’s the highest I have in my database. This indicator says the Public are very bullish. Surprisingly, on the same day , the ISEE (equity-only) index came in with a relatively low 165.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Now at highest level since January 2010.
+ UDX: At new low.
+ TLT: Chart has broken below the 1/2R off the February low at 91.54 which puts it in a weak position.
imo these charts have a positive ST bias for equities.
