posted 8.12 a.m. et
pre-open comment Monday 30th April
ES closed above Mon-Wed Range high which is Buyers Active.
Breadth is supportive: both Nyse and Nasdaq Market Charts turned back to positive and %Stocks>50dyma are back above 50.
Friday’s high came in at 1403, just below the 3month VAH, see Friday’s comments (highlighted). Pre-open ES is printing 1395 as I write. 1395 is the 2mnPoc and may attract more time. imo this would most likely be bullish but ES must hold above the 1/2R at 1386 – time spent spent back below this level would indicate ST weakness.
Potential Support/Resistance = 1395 (2month poc).
First Level Support = 1386 1/2R off March high
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.45 which is a 30 day low. The market opened weaker last week and made a strong recovery but the ratio was down over the week. This is usually ST bullish.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Chart currently holding above the four month poc Support at 1.3069.
+ Dollar Index: Chart currently printing below 79.09 (now the 12mnth poc).
? TLT: ended the week very cloe to the maj poc at 117.18.
imo these charts have a slight positive bias for equities.
