posted 09.09 a.m. est
pre-open comment Thursday 25th April
Wednesday generated a higher, narrow Value Area on less Volume. ES currently holding at this higher level above the First Level Support at 1562 (1/2R off recent high).
First Level Support on the index ETFs can also be moved to the 1/2R levels off recent the high as follows:
SPY 156.62; DIA 146.51; IWM 92.04; QQQ 68.52
All four print above this Support which is stronger price location and encouraging.
%Stocks>50dyma numbers: Nyse 56% Nasdaq 49% R2K 49%. Numbers >50 are considered supportive. These numbers are not convincingly supportive.
First Level Support = ES 1562 (1/2R off recent high)
Second Level Support = ES 1548.50 (5mn poc)
Rydex Assets Ratio: The Rydex data was not available 30 minutes pre-open. Monday’s 3.45 was the lowest since 4th Jan.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
+ Bonds TLT: KEY CHART. On Tuesday tested the Resistance at 123.42, the 1/2R off last July’s high and has fallen back below this level. Momentum is positive but down.
? Oil USO: Last week printed its lowest level since June last year. There is Resistance at 33.10, the 1/2R off last year’s low. Momentum is negative but turned up yesterday.
? Gold GLD: Has fallen steeply this month to its lowest level for two years. Momentum is negative but turned up yesterday.
– Silver SLV: Has been weak since it double-failed at its maj poc in January and this month has printed its lowest level since October 2010.
? Dollar Index: KEY CHART. Currently ranging and volatile. Is today printing back below the 2month poc at 82.75. LT strong location if it holds above the 81.35 1/2R level. Momentum is negative but up.
? EURUSD: Currently printing at the 24mn poc at 1.3070. Momentum is positive but down.
Watching particularly TLT and Dollar Index. Charts are mixed but I would say they imply a slight positive bias for equities.
