Pre-open comment Thursday 9th April
Wednesday generated the fourth consecutive Value Area above the 2045.00 poc, see yesterday’s comments. As long as ES holds above 2045.00 it is in a strong price location.
Dayframe: In the ST the v minor poc (10day) has migrated to 2072.00 and this level could be intraday Support or Resistance today.
First Level Support/Resistance = 2072.00 (minor poc)
Second Level Support = ES 2045.00 (7mn poc); SPY 205.00 (6mn poc)
Stocks>50dyma numbers: Nyse 63% (from 62%), Nasdaq 60% (from 57%), R2000 64% (from 63%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 10.75. Tuesday’s ratio at 9.91 was a 50day low and represented a 29.5% fall from 14.06 on 03/02 which was the the highest in the database .
Supporting Charts:
Bonds TLT: pre-open today is printing just above 130.75, the 1/2R off the Jan high. Stronger price location if it can print some time above that level.
Dollar Index: on 03/13 chart printed its highest level since 2003. Has corrected from there but there is Support at 94.67, the 12mn poc. Chart has not yet been able to print time above 98.28, the 1/2R off the recent high, which is weaker price location in the ST.
Gold GLD: pre-open today is printing very close to 115.12, the 12mn poc. Time above this level would be a positive.
Oil USO: pre-open today is printing very close to 18.39, the 12mn poc. Time printed above this level would be a positive.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but broke that Support in March.
