posted 09.00 a.m. est
pre-open comment Thursday 28th March
ES opened below (what was) the minor poc at 1547 and Buyers Responded (green-at-bottom). During yesterday’s session the minor (28day) poc migrated slightly higher to 1550 so this now First Level Support. I have marked Significant Buying three times in the last four days and the chart is holding at higher levels. As long as it holds above 1550 it is in a strong price location in the ST.
%Stocks>50dyma numbers: Nyse 68%, Nasdaq 63% Numbers >50 are supportive.
First Level Support = ES 1550 (28dy poc)
Second Level Support = ES 1517.50 (3mn poc)
My version of the Rydex Assets Ratio was slightly higher at 4.09 (from 3.92). Since September the highest ratio was on 13th Feb at 5.22 and the lowest was on 16th Nov at 2.57 so current ratio is at 50% of this range.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
– Bonds TLT: prints above the maj poc at 117.15. Momentum (although negative) is up.
+ Resistance at 34.17. Momentum is up and positive.
? Gold GLD: still prints in a weak price location well below 161.0, the maj poc. But Momentum is positive and up.
– Silver SLV: Still in a weak price location printing just below 27.87, the 12mn poc.
– Dollar Index: on Wednesday printed its highest level since August last year and is currently printing above 82.75, the 2mn poc.
– EURUSD: on Wednesday printed its lowest level since November and is currently probing the major poc Support at 1.2777. Momentum has turned back down.
imo these charts have a negative bias for equities.
