posted 08.55 a.m. est
pre-open comment Monday 28th January
Last week I marked Significant Buying twice. Significant Sellers have not been marked for eighteen days. ES Closed above Mon-Wed Hi-Lo Range which is a positive weekly structure.
Breadth: Chartprofit Market Timing System is positive for all Major Market Charts.
%Stocks>50dyma numbers: Nyse 92% and Nasdaq 80%. UK 92%. Numbers >50 are supportive. Numbers>80 usually consideed overbought.
Dayframe: The very minor (9day) poc migrated to 1487 (dashed) last week and is the best reference level for Support intraday.
First Level Support = 1453 (4mn poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.73. The ratio has fallen since it reached a 69day high of 4.63 on 01/14 – meanwhile the market has been climbing. Usually, if the market is accelerating up into a top, the ratio nearly always follows it higher and hits a multi-week high itself.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
The following KEY Charts are printing very close to useful reference levels. Monitoring price relative to these levels should give us a good idea about the markets current appetite for risk.
? Bonds TLT: Closed near the low of the week at 118.03 but above the major poc Support at 117.15. Pre-open today chart has made a new low for this decline and tested that Support. Time below this level is weak price location.
? Commodities: Oil USO is now printing above the 1/2R and poc Resistance around 34.17. Price holding above this level indicates further strength. Gold GLD was Closed the week just below the 161.0 major poc. Chart below this level is weak price location.
+ Dollar Index: pre-open is printing just above 79.80, the 2yr poc.
? EURUSD: on Friday chart cleared the Resistance at 1.3416 (1/2R off 2010 low). Time printed above this level would be a positive for this chart and equities.
