posted 09.15 a.m. est
Pre-open comment Monday 10th March
Longframe: No Significant Selling has been marked for ten days. First sign of weakness in the LT would be Effective Selling marked below 1835.50. Breadth is supportive, see below, and Key Charts imply equity strength, see below.
Dayframe: The v min (8dy) poc at 1872 may be a useful intraday level to monitor re ST strength/weakness.
First Level Support = 1835.50 (6mn poc)
Second Level Support = 1792.00
Breadth: The CP market Timing system remained positive for all four Market charts.
Stocks>50dyma numbers: Nyse 74%, Nasdaq 69%, R2000 70%, UK 65%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 7.36. On Thursday the ratio reached 7.82 which is the highest in my database indicating that the Rydex traders are extremely bullish. Historically this has been a warning for the market.
Supporting Charts (+ or – shown as implied bias for equities)
+ KEY Chart Financial Sector XLF: is printing above its maj 1/2R level (22.04).
+ KEY Chart EURJPY: printing above 140.96, the 1/2R off Dec high, in a strong price location.
+ KEY Chart Bonds TLT: pre-open today is printing below 106.34 (10mn poc) in a weaker price location.
Dollar Index: has probed below 79.76, the maj poc, but is currently printing at that level.
Gold GLD: pre-open today is holding its strong price location above 127.20, the 18mn poc. Silver (SLV) is in a weaker price location below 21.02 (2yr poc).
Oil USO: Pre-open today is holding 36.11, the 1/2R Support. Momentum, although positive, is down.
EURUSD: Currently holding above 1.367, the 12mn poc, in a strong price location.
