posted 8.55 a.m. est
Pre-open comment Monday 25th April
All of Thursday’s session held above the 1327 (5month poc) support. If ES holds above this level at the start of this week it is in a strong position and
February’s high at 1337.75 (which was matched pre-open Thursday) will very likely be exceeded but currently the CP Market Timing System (see below)
is not supportive. Significant Selling marked below 1327 would suggest lower in the ST.
Significant Buying was marked on Thursday 14th April and therefore Short Trades have been eliminated for me since pre-open 15th.
Last week I marked two instances of Significant Buying and no Significant Selling.
This was a short week but the structure looked bullish i.e. Relative weakness was seen early in the week and strength at the end of the week.
The Chartprofit Market Timing system remained negative for the Nasdaq Market Chart. The Nyse and Russell2000 Market Charts are neutral.
Although the System (LT) is not supportive, the %Stocks>50dayma indicator which is a more ST indicator of market strength/weakness looks healthier –
both the Nyse and Nadsaq numbers are above 50.
First Level S/R = 1327.00 (5month poc)
Second Level Support = 1312.50 (10day poc)
ST Sentiment: My version of the Rydex Assets Ratio was up to 3.47 from 3.26. The ratio reached 3.99 on Thursday 7th April. That’s the highest I have in
my database.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Last week printed its highest level since December 2009.
+ UDX: Last week broke the November 2009 low and printed its lowest level since August 2008.
– TLT: Last week consolidated above the 91.82 (18month poc) which means it is currently in a strong position.
imo these charts are mixed but have a postive bias for equities.
