Pre-open Thursday 16th September
Significant Buyers were marked on Wednesday Responding below the lows of Monday and Tuesday. If there is a strong end to the week I would expect the CP Market Timing System to turn positive.
Dayframe: If ES sees support from 1116 intraday I would expect higher. Short Trades are now eliminated for me.
ST Sentiment: My version of the Rydex Assets Ratio was slightly up from 1.23 to 1.35. The ISEE (equity only) index which came in with another high number at 224 following Tuesday’s 230. Two days above 200 is usually a warning of overheating in the ST.
Supporting Charts
? USDJPY: Strongly higher on Wednesday after hitting a multi-year low.
+ EURUSD: Price Osc up for eleven consecutive days as this chart rallies off the 1.26 support (1/2R off June low).
+ UDX: Momentum is down (PriceOsc lower for eleven consecutive days). The 1/2R off Aug low at 81.80 now becomes Resistance.
+ TLT: printing below the major 1/2R level at 105.22 and PriceOsc lower for ten consecutive days.
imo these charts have a positive bias for equities.
