pre-open comment Monday 19th March
Chartprofit Market Timing System is positive for all major Market Charts. ES closed the week above Mon-Wed Range high which means the Weekly Structure was positive indicating Buyers Active.
Still no convincing appearance from the Significant Sellers. First sign of weakness would be Effective Selling marked below 1366. The minor (10dypoc) at 1390 may be a level of intraday S/R and give a clue to the very short term direction at the start of this week.
First Level Support = 1366 (35 dy poc)
Second Level Support = 1346 (poc)
Sentiment: Rydex traders behaviour has been very volatile. My version of the Rydex Assets Ratio shot up from 3.07 to 5.09 on Wednesday and then fell back to end the week at 3.89.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart is currently printing just back above the four month poc (1.3069) and technically oversold. An important chart to monitor.
– Dollar Index: Chart is currently printing just back below the major 1/2 at 80.15 and technically overbought.
+ TLT: is printing just above 109.92 which is the six month low for this chart.
imo these charts are mixed and still do not have an obvious bias for equities. This could change soon.
