posted 8.35 a.m. est
Pre-open Thursday 9th September
Dayframe: Most recent imbalance is now Buying (green) so Short trades are eliminated for me. Tuesday’s Selling was not Effective but, based on stats, I expected a test of that session low during Wednesday’s session. That didn’t happen, instead Buyers Responded (green-at-bottom) immediately below Tuesday’s VAL. If today’s First Level Support at 1097.5 (minor 3day poc) holds early in the session it will set up another attempt at the First Level Resistance at 1107 (1/2R off the April high). ES printing time above here would indicate further strength.
Major Support: 1094 (the MAJOR poc)
ST Sentiment: My version of the Rydex Assets Ratio was up slightly from 1.24 to 1.25 Still low. VIX hit a seventeen week low last Friday which is a slight concern for the Bulls and the ISEE (equity-only) index came in at 226 yesterday which is a little more ST enthusiasm than I would want to see from the Not-so-Smart money.
Supporting Charts
– USDJPY: New multi-year low yesterday.
+ EURUSD: Price Osc up for six consecutive days as this chart rallies off the 1.26 support (1/2R off June low). Bulls need to see this support hold.
? UDX: Momentum is down (PriceOsc lower for six consecutive days). If support at 81.80 (1/2R off Aug low) is broken next support is the major level at 80.15
? TLT: currently printing back below the major 1/2R level at 105.22 and PriceOsc is heading down.
imo these charts are very mixed for equities.
