Pre-open comment Monday 28th February
Longframe: Chartprofit Market Timing System stayed positive for all Major U.S. Market Charts.
Dayframe: On Friday ES spent most time back at the 30day poc. The fact that this level (which is also the 1/2R off the 1343 high) did not become resistance is a minor sign of strength. Other minor positives are:
1) the 1293 poc provided support last week
2) Significant Buying was marked on Friday
3) There was no convincing breakdown in the breadth indicators.
What to watch for early this week
Bullish: ES will open above the 1318 poc which is a strong price location if it holds. This sets up the possibility of an acceleration up into the early March time pivot.
Bearish: ES printing value back below the 1318 poc would be the first indication of weakness and I will not be long below that level. Time spent below 1293 would indicate lower.
First Level S/R = 1318.00
Support 1 = 1293.00 Support 2 = 1281.50
8dayVAH = 1340
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Chart prints above the 1/2R at 1.3580. Hit a 17day high today.
+ UDX: Chart in weak position below the 1/2R at 78.53. Reached a new 75day low today.
? TLT: Reference level is 91.80 (6month poc) and chart broke above that on Friday. Can it print some value above this level?
imo these charts are mixed for equities – TLT chart interesting again today.
