Pre-open comment Monday 13th February
Chartprofit Market Timing System remained positive for all Major Market Charts.
Re the %Stocks>50dyma indicator – numbers above 50% are considered supportive but in fact numbers are currently above 80 which is overbought.
Weekly Structure: No bias. Previous week showed Buyers active.
It has now been 37 days since I marked Aggressive Selling.
Minor poc (12dy) migrated to 1339 which is now First Level Support.
First Level Support = 1339 (min poc)
Major Support = 1307 (maj poc) SPY = 131.28
Sentiment: Except for Options Ratios we have to say now that Sentiment indicators are registering bullish extremes. Historically this has indicated that upside is limited.
My version of the Rydex Assets Ratio printed 4.57 on Friday. There has only been one higher reading and that was on 3rd May last year as the market topped.
Supporting Charts (+ or – or ? for equities). UNCHANGED
(Momentum = daily PriceOsc)
+ EURUSD: Currently consolidating above the 3mnth poc at 1.30.
+ Dollar Index: Chart prints below the important 80.15 level.
+ TLT: Chart is printing below the 10month poc at 117.88.
imo these charts currently have a positive bias for equities.
