posted 9.12 a.m. et
pre-open comment Monday 2nd April
Longframe: Chartprofit Market Timing System remained positive for all Major Market Charts. SP500 Weekly Structure showed no bias. Still no convincing appearance from the Significant Sellers. First sign of weakness on this timeframe would be Effective Selling marked below the 30dy poc at 1395.
Dayframe: The 10dy poc migrated up to 1403 which is also the very minor 1/2R off last Tuesday’s high. Intraday this level could be Support or Resistance and provide a clue re ST direction at the start of this week.
First Level Support = 1395 (30dy poc)
Second Level Support = 1366 (45 dy poc)
Sentiment: My version of the Rydex Assets Ratio finished the week at 4.89 which was slightly lower than Thursday’s ratio of 5.29 which was the higest ratio in my database and the biggest concern I have.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Chart is currently printing above the four month poc (1.3069).
? Dollar Index: pre-open chart is printing just below the 5month poc at 79.09 and Momentum is down. An important chart to monitor.
? TLT: is printing below 116.22, its major poc – difficult chart to make a judgement on at the moment.
imo these charts do not have an obvious bias for equities. This could change soon. Particulary need to watch the Dollar Index chart.
