posted 8.16 a.m. et
pre-open comment Monday 23rd April
Last week I marked Significant Selling once and no Significant Buying. Friday generated a narrower, overlapping Value Area on less Volume and closed weakly. Overnight ES has printed below 1360 and this is concerning because it is below the 4month poc at 1366. Time spent below this poc level (especially if I mark Significant Selling below it) would indicate further weakness. As I wrote pre-open a week ago “I’m very cautious here”. If ES remains below 1366, price location is very weak.
First Level Resistance = 1379 (minor 10dy poc)
Potential Support/Resistance at the start of this week = 1366 (4month poc)
Nyse Market Chart remained negative; Nasdaq turned negative; UK remained positive. %Stock>50dyma numbers remains below 50 for all these Market Charts.
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.76. On Thursday the Ratio was down at 3.71. That’s a 25dy low.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Chart currently holding above the four month poc Support at 1.3069.
? Dollar Index: Chart printing below the 80.15 Resistance (the most important level) but above the 79.09 Support (5mnth poc).
– TLT: For the last seven days chart has held above 116.22, the major poc.
imo these charts are mixed and do not have an obvious bias for equities. This could change soon.
