posted 09.12 a.m. est
pre-open comment Tuesday 19th February
A number of Sentiment indicators are at, or close to a Bullish extreme which is a concern and the market is overbought. But both the LT and ST analysis remain positive. First sign of weakness would be “Effective” Selling marked and that hasn’t happened since mid December.
Last week I marked Significant Buying twice and Significant Selling once. ES closed the week within Mon-Wed hi-lo range which indicates no bias on this timeframe.
Dayframe: The 30day poc is now 1517.50 and this level may be useful as S/R reference intraday.
Support = 1495 (45dy poc)
Chartprofit Market Timing System stayed positive for all Major Market Charts. %Stocks>50dyma numbers: Nyse 82% and Nasdaq 77%. UK 86%. Numbers >50 are supportive. Numbers>80 usually considered overbought.
My version of the Rydex Assets Ratio ended the week at 4.37. The ratio reached 4.81 on 01/30 which was the highest reading since 28th September. The highest reading in my database at 5.64 was in early April 2012. VIX intraday low on Friday was 12.24, the lowest since 2007.
