Pre-open comment Tuesday 1st March
Yesterday’s comments (highlighted above) are relevant. These comments written 4a.m. est and ES prints 1335, well above the 1318poc. When ES prints above the 8dayVAH it has had a tendency to slow and consolidate. The 8dayVAH is currently at 1329.5.
First Level Support = 1318.00 8dayVAH = 1329.50
Dayframe: Monday’s session low was just above 1318poc (also Friday’s poc). This indicates ST strength. Monday’s poc at 1325 is dayframe support today.
ST Sentiment: My version of the Rydex assets Ratio was higher at 3.5 (from 3.17). This ratio is historically very high. 3.94 (on 01/19) was the highest reading I have in my database.
Supporting Charts (+ or – or ? for equities).
+ EURUSD: Chart prints above the 1/2R at 1.3580.
+ UDX: Chart in weak position below the 1/2R at 78.53. Reached a new 75day low on Monday.
– TLT: Prints above the 6month poc at 91.80. Price Oscillator now above zero.
imo these charts are mixed for equities.
