Pre-open comment Tuesday 10th May
Monday’s session low came in at the given First Level S/R and overnight ES has probed up to test the First Level Resistance at 1349.50. The minor poc (20day) migrated to 1344 and pre-open ES prints just above that level. See yesterday’s highlighted comments on graphic.
First Level S/R = 1344 (20day poc)
Resistance = 1349.50 (minor 1/2R)
Support = 1327 (6month poc)
ST Sentiment: My version of the Rydex Assets Ratio was down slightly to 3.70 (from 3.88). Last Tuesday’s ratio of 4.57 was the highest ratio I have in my database.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Wednesday printed the highest level since December 2009. Monday chart printed an 13day low.
– TLT: Last week chart printed its highest level since early December.
imo these charts are mixed and do not have an obvious bias for equities.
