pre-open comment Tuesday 15th May
Difficult to find anything positive to say. Significant Sellers have not been marked for six days and yet ES is lower and still no response from the Significant Buyers (see Monday’s comments).
First Level Resistance = 1366 (4month poc)
Sentiment: I’ve said that my version of the Rydex Assets Ratio has shown no indication of panic. In yesterday’s ratio was the fourth consecutive higher reading, at 4.70 (up from 4.37). It seems as though the Rydex traders are thinking this is a buyable dip. They have a very bad track record so this is probably not ST bullish.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: is lower again today printing its lowest level since 19th January.
– Dollar Index: is today printing well above 80.15, the major level.
– TLT: is printing its highest level today since 18th January.
imo these charts have a negative bias for equities.
