Pre-open Monday 29th March
Last week I marked Significant Buying three times. There was no Significant Selling. The poc at 1161.50 was developed further so this is still the obvious First Level S/R at the start of this week. Sellers have still not offered an Effective Response.
If ES holds above 1161.50 I would expect a move up to 1190 or higher. Should that occur the sentiment measures would likely push extremes (although some were surprisingly subdued last week) just as we move into the late March/early April time pivot.
Dayframe: Friday’s high was at the level of Thursday’s poc (1170). Pre-open there has been resistance at this level again. I’d look for 1170 to be overcome before initiating new Aggressive longs in this timeframe or support in the 1161.50 area before initiating new Responsive longs in this timeframe.
ST Sentiment: My version of the Rydex Assets Ratio rose on Friday from 2.57 to 3.13. Bull fund assets that I follow are at the highest level since May 2008.
