posted 9.26 a.m. est
Pre-open comment Thursday 17th February
Wednesday: ES printed as high as 1336. Rejection from this level early in the session was not convincing; First Level Support at 1326.50 held and ES spent the rest of the session building a higher, wider Value Area. Following yesterday’s price action the 8dayVAH has migrated up to 1335.50 which means ES is not now above value on this timeframe (over the last few weeks ES has struggled when above 8dayVAH).
I still see mid 1330s as a critical level and potentially where Responsive Sellers may emerge. I did not mark Significant Selling on Wednesday, in fact not at all this month.
First Level Support = 1326.50 (minor 8day poc)
Second Level Support = 1318 (20day poc)
ST Sentiment: My version of the Rydex Assets Ratio was down slightly to 3.5. This ratio is historically very high. 3.94 (on 01/19) was the highest reading I have in my database.
Supporting Charts (+ or – or ? for equities).
? EURUSD: Chart broke the 1/2R support at 1.3580 last week but currently prints very close. Looking for clear higher low or lower high with respect to this level.
? UDX: Looking for clear higher low or lower high with respect to the 1/2R at 78.53.
+ TLT: Reference level is now 91.80 (6month poc). Chart currently weak below that level.
imo these charts are mixed and have no clear bias for equities.
