Pre-open comment Thursday 21st April
ES gapped open on Wednesday but Responsive Sellers did not step in. Instead there was enough time spent at 1327 to migrate the 5month poc slightly lower to this level. This is now Support.
Dayframe: Short Trades still eliminated for me. If ES can hold and consolidate above 1327 it is in a strong price location but chart is overbought on various intraday measures and there is that gap.
First Level Support = 1327.00 (5month poc)
Second Level Support = 1312.50 (10day poc)
ST Sentiment: My version of the Rydex Assets Ratio was up to 3.26 from 2.90. The ratio reached 3.99 on Thursday 7th April. That’s the highest I have in my database.
%Stocks>50dayma = both Nyse and Nadsaq numbers are back above 50 (just).
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Today printed its highest level since December 2009.
+ UDX: Today printed its lowest level since August 2008.
– TLT: Chart holding up well. Above 91.82, the 18month poc.
imo these charts are mixed but Dollar is very weak again today so most likely a postive bias for equities.
