posted 08.55 a.m. est
Pre-open comment Monday 5th May
Last week I marked Significant Buying once and no Significant Selling.
Pre-open today (Monday) ES prints below 1871.50, the 3mn poc.
First Level Resistance = 1871.50 (3mn poc)
First Level Support = 1849.50 (minor 1/2R)
Major Support = ES 1835.50 (maj poc)
Pre-open today SPY prints below 187.73 (7mn poc), IWM prints below 111.48 (12mn poc), QQQ prints above 86.32 (8mn poc) and DIA prints above 163.40 (2yr poc).
Breadth: The CP Market Timing System turned back to positive for Nyse and remained negative for Nasdaq and R2000.
Stocks>50dyma numbers: Nyse 55%, Nasdaq 28%, R2000 32%. Numbers >50 are considered supportive.
Sentiment: 05/02: My version of the Rydex Assets Ratio ended the week at 6.27. On 04/17 the ratio fell as low as 4.83, a 72day low.
Supporting Charts (+ or – shown as implied bias for equities)
– KEY Chart Financial Sector XLF: pre-open today printing below its maj 1/2R level (22.04).
+KEY Chart EURJPY: chart is printing above 140.96, the 1/2R off Dec high.
– KEY Chart Bonds TLT: recently tested and held, the 2year poc Support at 107.24 and on Friday printed its highest level since June last year.
Dollar Index: printing below 79.76, the maj poc.
Gold GLD: still printing below 127.20, its 18mn poc.
Oil USO: printing below 37.31, the 1/2R off 2011 high but has stalled at the 36.11 Support (1/2R off 2013 high).
EURUSD: Printing above 1.3673, the 12mn poc Support.