posted 9.29 a.m. edt
Pre-open comment Monday 19th September
Longframe: Chartprofit Market Timing system was negative for the ninth consecutive week and Supporting Charts have lined up negatively for equities (see below).
Last week I marked three instances of Significant Buying and no Significant Selling. Buyers active on this timeframe and made some progress. If ES can print some time above 1216.25 it would suggest higher in ST but until that happens any Significant Selling (red) marked on the profile would most likely see ES quickly lower again.
1st Level S/R = 1188 (15dy poc) (121.12 SPY)
1st Level Resistance = 1216.25 (1/2R off May high) (123.72 SPY)
1st Level Support ES (cont chart) = 1183 (45dy poc)
2nd Level Support = 1147 (1/2R off Aug low) (116.89 SPY)
ST Sentiment: My version of the Rydex Assets Ratio finished the week at 1.17. This is low and indicates lots of Bears.
Supporting Charts (+ or – or ? for equities).
– EURUSD: Has broken below Major Support at 1.4212 (maj poc) and 1.3965 (maj 1/2R).
– Dollar Index: Currently printing above the 74.96 poc and reached a six month high last week.
– TLT: Printing well above the Maj 1/2R at 105.22 and recently printed its highest level since Jan 2009.
imo these charts have lined up negatively for equities.
