posted 9.19 a.m. et
pre-open comment Thursday 19th April
Wednesday generated a relatively narrow Value Area but held above First Level Support at 1375. Overnight ES has tested above the 1386 1/2R but this was rejected and pre-open ES looks as though it might test 1375.
First Level Resistance = 1386 (1/2R off March high)
First Level Support = 1375 (min poc)
Second Level Support = 1366 (4month poc)
Sentiment: My version of the Rydex Assets Ratio was down slightly at 4.37 (from Last week the ratio reached 5.64, the highest ratio in my database. But, Rydex Money market assets that I follow are up 35% from the March low to a three month high.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart tested below the four month poc Support at 1.3069 on Monday. Currently prints just above that level.
? Dollar Index: Chart tested above/rejected 80.15 (the most important level) and currently UDX prints below that level.
– TLT: For the last four days chart has held above 116.22, the major poc, having rallied last week.
imo these charts do not have an obvious bias for equities. This could change soon.
