posted 08.47 a.m. et
pre-open comment Tuesday 11th September
On Monday Significant Sellers were marked but the Value Area generated was overlapping Friday’s VA so this was not Effective Selling. Price above 1438 (yesterday’s session high) would negate the ST negative implications of that Selling imbalance but until that happens, or Buying (green) is marked, then new long trades are eliminated for me. If Sellers take control of the dayframe then there may be a decline to the 8month poc at 1397 but only Effective Selling below that level would suggest a change of trend in the longer timeframe.
First Level Resistance today = 1435 (very minor poc)
First Level Support = 1397.00 (8mn poc)
Other Key Charts/Levels: Watching Major 1/2R levels closely this week on the following charts. QQQ = 70.13; Nasdaq Comp = 3120.50; Nasdaq 100 = 2805.60
Sentiment: My version of the Rydex Assets Ratio was higher on Monday at 5.12 but last Thursday’s ratio printed 5.35 and I only have two readings higher than this in my database. These are 5.64 on 3rd April and 5.43 on 2nd May.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? KEY CHART EURUSD: Has today printed its highest level since May and is now attempting to overcome Resistance at the major poc at 1.2777.
? KEY CHART Dollar Index: Has today printed its lowest level since May and has declined to the major Support level at 80.15.
– TLT: Key Chart. the 5month poc migrated to 125.93 in August. Chart currently prints below that level in a weaker price location.
we should see how EURUSD and Dollar Index react relative to their major Resistance/Support early this week before trying to imply a ST bias for equities.
