posted 09.17 a.m. est
Pre-open comment Tuesday 11th February
I marked Aggressive Buying (green-at-top) again on Monday. Enough time was spent at 1792 for the 6mn poc to migrate to this level. This is now the important level to monitor and thirty minutes pre-open ES prints just above this price.
ES First Level S/R = 1792 (6mn poc)
Stock index ETFs: Thirty minutes pre-open IWM is printing just above 110.87, its key poc level. If it holds this level it confirms the ST strong price location of SPY, DIA and QQQ.
Stocks>50dyma numbers: Nyse 40%, Nasdaq 44%, R2000 34%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 5.55. Down from the high of 7.5 on 16th Jan which was the highest in my database.
Supporting Charts
Bonds TLT: printed a 6mn high recently but then reversed. Strong price location but Momentum (although positive) is down.
Gold GLD: Tested the June low in late December and has rallied from there. Still in a weak price location but Momentum is positive.
Oil USO: Printing above the 3yr poc (34.13) in a strong price location and Momentum is positive and up.
Dollar Index: currently holding above the important 80.15 level with the maj poc at 79.76. Strong price location if it holds.
EURUSD: Recently broke out to a two year high but this was rejected and price reversed. Currently prints above the 9mn poc (1.3524) so this chart has not yet broken down.
