Pre-open comment Monday 5th March
Longframe: Weekly Structure showed no bias. Chartprofit Market Timing System remained positive for Nyse, turned neutral for Nasdaq and remained positive for UK. ES built Value slightly higher last week with a series of overlapping Value Areas. I have not yet marked a significant Response from the Sellers and as I wrote on Friday, I haven’t marked Effective Selling at all this year. Currently, only Effective Selling below 1346 would suggest further weakness in this timeframe.
Dayframe: The 15day poc has migrated higher to 1367.50. This could be intraday Support or Resistance at the start of this week.
First Level S/R = 1367.50 (15 dy poc)
Second Level Support = 1346 (25 dy poc)
Sentiment: My version of the Rydex Assets Ratio finished the week at 5.13 but Wednesday’s ratio at 5.25 is the highest I have in my database.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: printed a 10day low today and momentum has turned down but chart is still in a strong price location above the four month poc at 1.3069.
? Dollar Index: although the chart is still below the important level at 80.15 it now prints back above the 5month poc at 79.09 and momentum is up.
+ TLT: chart prints below the 10month poc at 117.88.
imo these charts currently have a slight positive bias for equities. This could change.
