Wednesday: A probe higher early in Wednesday’s session didn’t quite make it into the Resistance band between 1318-1321 before being Responsive Sellers stepped in (red-at-top). That’s five instances of Significant Selling marked in the last six days. Later in the session Tuesday’s low was tested.
With no Significant Buying activity yet marked a test of the 1289.50 1/2R looks likely.
First Level Resistance = 1312.50 (minor 5day poc)
Support between 1289.50 1/2R off February high and 1293 (prev poc)
ST Sentiment: My version of the Rydex Assets Ratio was down again to 3.28 from last Thursday’s ratio of 3.96 which is the highest I have in my database. This indicator is still very high historically though.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: On Wednesday printed the highest level since January 2010.
+ UDX: Tuesday printed the lowest level since December 2009.
? TLT: Unclear. Chart has recovered enough to currently print between the 1/2R off the February low at 91.54 and the 18month poc at 91.82. Printing some time above 91.82 would put this chart in a much stronger price location.
imo these charts have a slightly positive ST bias for equities.
