Pre-open comment Monday 20th April
Last week I did not mark any Significant Buying or Selling. The minor poc has migrated to 2084.00 and this should be monitored at the start of this week for intraday Support or Resistance, but as long as ES prints above 2045.00 it is in a strong LT position.
First Level S/R = 2084.00 (min poc)
Second Level Support = ES 2045.00 (7mn poc); SPY 205.00
Breadth: CP Market Charts – Nyse & Nasdaq turned neutral from positive, R2000 & UK stayed positive.
Stocks>50dyma numbers: Nyse 51%, Nasdaq 52%, R2000 51%, UK 65%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio finished the week at 10.88. Previous week the ratio fell to 9.91 which was a 50day low and represented a 29.5% fall from 14.06 on 03/02 (the highest in the database).
Supporting Charts:
Bonds TLT: pre-open today chart is printing just above 129.80, the 6mn poc. It is important that the chart holds above this level.
Gold GLD: pre-open today is printing just below 115.12, the 11mn poc.
Oil USO: last week chart was printing above 18.39, the 12mn poc, in a stronger price location than recently.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but broke that Support in March.
