Pre-open Monday 8th March
Last Week I marked one instance of Significant Buying and no Significant Selling. The Significant Buying was marked on Friday which closed strong near to the high of the week. Note that I have marked no Siginificant selling since since Thursday 4th February.
Adding to the positives is the fact that price has so far been accepted above the high of the six month Value Area (VAH). Sellers could have been expected to respond to a probe above that level and they did not – see comment last Monday.
Internals: Breadth still supports highr prices.
Sentiment: Polls are seeing a slow increase in Bulls but nowhere near extremes. Option ratios are are low and Rydex indicators are not overhearted. VIX though closed at its lowest since May 2008.
Time Cycles: see comments above.
