posted 9.22 a.m. et
from pre-open comment Friday 9th March
I marked Aggressive Buying again on Thursday (green-at-top).
The session low found support at 1358 (dotted), the very minor 1/2R off last Wednesday’s high. First Level Resistance at 1366 was tested but not yet convincingly exceeded. Time printed above that level would be Bullish.
First Level Resistance = 1366 (18 dy poc)
First Level Support = 1346 (30 dy poc)
Second Level Support = 1307 (maj poc)
Sentiment: AAII (public) poll reported Bulls lower at 42.4%; the high for the Bulls% was w/e 02/10 at 51.6%. The Bears were slightly higher this week at 29%; the low for the Bears% was w/e 01/13 at 17.2% which was a much lower number than the current one. My version of the Rydex Assets Ratio was slightly lower yesterday at 3.84, well down from last Wednesday’s ratio at 5.25 which was the highest I have in my database.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Found support just above the four month poc at 1.3069. An important level to monitor to see if this Support holds.
? Dollar Index: The chart is between two important levels. The major 1/2 at 80.15 and the 5month poc at 79.09.
+ TLT: chart prints below the 10month poc at 117.88.
imo these charts do not have an obvious bias for equities. This could change soon.
