Pre-open comment Tuesday 15th February
Monday’s session generated a higher/overlapping, narrower Value Area on reduced volume. The whole session was above Friday’s poc which is a ST positive. No Significant Imbalances were marked. As long as 1318 holds I assume higher but see yesterday’s comments (highlighted).
First Level Support = 1318 (18day poc) 8dayVAH = 1322
Second Level Support = 1302.50
Third Level Support = 1293
ST Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 3.33. This ratio is still historically high but down from 3.94 (on 01/19) which was the highest reading I have in my database.
Supporting Charts (+ or – or ? for equities).
– EURUSD: Chart has broken the 1/2R support at 1.3580.
? UDX: waiting for clear higher low or lower high with respect to the 1/2R at 78.53.
+ TLT: Reference level is now 91.80 (6month poc). Chart currently weak below that level.
imo these charts are mixed and have no obvious bias for equities.
