Pre-open comment Monday 30th January
Chartprofit Market Timing System remains positive for all Major Market Charts.
%Stocks>50dyma numbers are Supportive in as much as they are greater than 50 but are also overbought, i.e. greater than 80.
Pre-open today ES prints below the 30dy poc at 1307. Bulls would want to see Buyers quickly auctioning ES back above that level. Time below 1307 would be the first indication of weakness.
First Level S/R = 1307 (30dy poc) SPY = 131.28
Support = ES 1271.50 (poc) SPY = 127.91
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.02. Last Tuesday’s ratio at 3.38 was the highest reading for more than five months.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Currently prints above the 1.2811 poc with momentum up.
+ Dollar Index: pre-open Chart prints below the important 80.15 level. Momentum is down.
? TLT: currently the chart prints above the 10month poc at 117.88.
imo these charts have a slight positive bias for equities.
