Pre-open Monday 26th April
Last week I marked Significant Buying six times and no Significant Selling. The Buyers continue to dominate; e.g. on Thursday they responded aggressively when price tested 1186.50, which was the low of the Value Area of the current range (since the market came higher on Monday 12th April).
First Level S/R moves up to 1205 (10dy poc)
Second Level Support remains at 1183.50 (20dy poc)
ST target at 1225 or just below might bring some Responsive Selling
ST sentiment: Although there were more AAII Bulls than AAII Bears last week, Bulls were down and Bears were up which usually indicates higher when the market is up in the same week. My version of the Rydex Assets ratio was up on Friday to 2.9 although over the week it was down.
Supporting Charts with important levels:
+ USDJPY now prints above 1/2 level at 93.60.
– EURUSD prints below 1.360 poc
– UDX prints above support band 80.15-80.30.
+ TLT printed a reversal day on Thursday just below 91.25 poc and was lower on Friday.
These charts are mixed for equities
