Pre-open comment Thursday 31st March
Tuesday’s session gapped higher above the 1318 poc Resistance which is now Support. This puts ES in a strong price location if it holds. ES prints above 1315 which is the VAH measured on various timeframes indicating it is ST overbought.
Dayframe: Repeating from yesterday that intraday the level to watch is the 2mnth poc at 1318 for Support/Resistance early in the session.
First Level Support/Resistance = 1318 (2mth poc)
Support = 1310.50 (11day poc)
ST Sentiment: My version of the Rydex Assets Ratio was higher at 2.73 (a 15day high).
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Got close last week but failed to test the November high at 1.4282, still in strong price location though.
? UDX: Probe below November’s low last week was rejected but the Dollar Index is still in a weak price location.
? TLT: chart is possibly forming a higher low on the chart supported by the 91.82 poc – a bullish pattern.
These charts are mixed – difficult to infer a bias for equities.
