posted 09.09 a.m. est
Pre-open comment Thursday 17th April
Measured on a 30minute basis the 3mn poc migrated higher to 1849.50 yesterday which is the exact 1/2R of recent high. Aggressive Buying (green-at-top) was marked. Pre-open ES prints above this First Level Support.
First Level Support = 1849.50 (minor 1/2R and 3mn poc)
Second Level Support = ES 1835.50 (6mn poc)
Pre-open SPY also prints above its own 1/2R at 185.50. Pre-open today Key Cahrt IWM is still finding Resistance at 112.27, its 12mn poc . Although negative, Momentum turned up yesterday for all four major Stock Index ETFs. Breadth numbers are improving but not yet supportive for Nasdaq and Small caps (see below).
Breadth: Stocks>50dyma numbers: Nyse 53% (from 46%), Nasdaq 27% (from 24%), R2000 36% (from 32%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 5.59 which is a 44 day low. Bear fund assets I follow increased by more than 20% yesterday.
Supporting Charts (+ or – shown as implied bias for equities)
– KEY Chart Financial Sector XLF: prints 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 Tuesday printed its highest level since June last year.
Dollar Index: printing very close to 79.76, the maj poc.
Gold GLD: On Monday there was a test above 127.20, the 18mn poc, but that was rejected with the chart sharply lower.
Oil USO: yesterday printed its highest level since September last year.
EURUSD: Printing above 1.3673, the 12mn poc Support.
