posted 08.58 a.m. est
pre-open comment Monday 1st April
Last week I marked Significant Buying twice and no Significant Selling. The week (shortened) closed above Mon-Wed Hi-Lo Range which indicates Buyers Active on the weekly timframe. I have not marked Sellers as active on this timeframe in 2013. First indication of weakness in the ST would be Significant Sellers marked below 1550 (30day poc). First indication of weakness in the LT would be Significant Sellers marked below 1517.50 (3mn poc).
Breadth: Chartprofit Market Timing System remained positive for all Major Market Charts.
%Stocks>50dyma numbers: Nyse 69%, Nasdaq 63%, UK 73%. Numbers >50 are supportive.
First Level Support = ES 1550 (30dy poc)
Second Level Support = ES 1517.50 (3mn poc)
My version of the Rydex Assets Ratio ended the week at 4.14. The 48day low for this number is 3.49. This indicator usually peaks with the market but currently it is at 50% of its twelve month range.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
– Bonds TLT: prints above the maj poc at 117.15. Momentum (although negative) is up.
+ Oil USO: is back in a stronger price location above 34.17, the 1/2R and now 3year poc. Momentum is positive and up.
? Gold GLD: still prints in a weak price location well below 161.0, the maj poc. But Momentum is positive and up. Appears to have found support in the area of the 12mn poc at 152.70.
– Silver SLV: Still in a weak price location printing just below 27.87, the 12mn poc.
– Dollar Index: on Wednesday printed its highest level since August last year and is currently printing above 82.75, the 2mn poc.
? EURUSD: The Major poc at 1.2777 was tested last week and has held – so far. Price below that level would be extremely weak price location. However there is a positive divergence between PriceOsc and Price. This would be confirmed if the indicator turns up.
imo these charts have a slight negative bias for equities.
