posted 09.20 a.m. est
Pre-open comment Monday 10th February
I marked Aggressive Buying (green-at-top) on Friday as ES ended the week close to the high and above Mon-Wed Hi-Lo Range which indicated Buyers Active on the weekly timeframe. Pre-open ES prints 1790 which is the key level at the start of this week, see below. Breadth is not yet supportive.
Stock index ETFs: The Key poc levels are SPY 179.37, IWM 110.87, DIA 154.86, QQQ 85.37. IWM (smallcaps) has been relatively underperforming broader indices recently which is not usually a healthy sign and this is the Key chart. Can IWM also indicate ST strength by printing above its key poc level (110.87) as the other three charts are doing?
ES First Level S/R = 1789/91 (1/2R off Jan high/min poc)
Breadth: CP Market Timing System is negative for all major Market Charts.
Stocks>50dyma numbers: Nyse 39%, Nasdaq 42%, R2000 33%, UK 59%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 5.53. Down from the high of 7.5 on 16th Jan which was the highest in my database.
Supporting Charts
Bonds TLT: printed a 6mn high at the start of the week but then reversed. Momentum (although positive) is down.
Gold GLD: Tested the June low late December and has rallied from there but remains in a weak price location.
Oil USO: Printing above the 3yr poc (34.13) in a strong price location.
Dollar Index: currently holding above the important 80.15 level with the maj poc at 79.76. Strong price location if it holds.
EURUSD: Recently broke out to a two year high but this was rejected and price reversed. Currently prints just above the 9mn poc (1.3524) so this chart has not yet broken down.
