Pre-open Thursday 7th October
Wednesday held up well consolidating at the high end of Tuesday’s range.
In the LT the Chartprofit Market Timing System is positive which supports higher prices. In the ST the last imbalance was Aggressive Buying (green-at-top) on Tuesday. The ST Sentiment Indicators e.g. my version of the Rydex Assets Ratio are showing emerging Bulls but not excessive. The Supporting Charts look good for Stocks. I’m running out of time with the pivot and price is now above 1160. If the Responsive Sellers don’t emerge today I won’t mention it again.
First Level S/R today: 1155 (v.minor 2day poc).
More important support at 1139 (7week poc).
Sentiment: My version of the Rydex Assets Ratio was up from 1.65 to 1.84. This is a 40day high but at the June and August price highs this ratio was higher. A ratio above 2 would exceed those levels.
