posted 9.29 a.m. edt
Pre-open comment Friday 9th September
Wednesday’s (green-at-top) was tested on Thursday and immediately met with Responsive Selling (red-at-top). The 35day poc migrated higher to 1183 and this is now Resistance.
Longframe: Analysis once again lining up negatively on both timeframes – I am cautious here. ES printing below 1153 would indicate further weakness on this timeframe.
Dayframe: Long trades eliminated for me at least until Significant Buying is marked again. Strength on this timeframe would be indicated by ES consolidating above 1183.
2nd Level Resistance = 1222.25 (1/2R off May high) (123.72 SPY)
1st Level Resistance = 1183 (35dy poc)
1st Level Support = 1153 (1/2R off Aug low) (SPY 116.89)
ST Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 1.43. The recent low for this ratio on 22nd Aug was 1.10, the lowest reading since Sep 2010.
Supporting Charts (+ or – or ? for equities).
– EURUSD: Has broken below Major Support at 1.4212 (maj poc) and 1.3965 (maj 1/2R).
– Dollar Index: Currently printing above the 74.96 poc.
– TLT: This week printing its highest level since Jan 2009.
imo these charts have lined up negatively for equities.
