Pre-open Monday 12th April
Friday’s First Level S/R at 1183.50 proved support. Going into this week that 5day poc is the first reference level.
The’re’s enough Bulls for a top (see below) but ES is still showing typical Buyers-in-control behaviour. As I said last week “First indication of a trend change comes when poc levels become resistance rather than support”. So I’m watching 1183.50 for the first sign of weakness.
Last week I marked two instances of Significant Buying. Significant Sellers are still absent. Late in the day on Friday Aggressive Buyers were marked pushing ES up above 1190 (my target).
Sentiment: Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 2.6. The ISEE (equity only) index 10dyma reached a new high of 230.2 indicating extreme public bullishness. VIX closed the week at a new low. Discussed further in eBook and webcast.
