posted 9.21 a.m. et.
pre-open comment Tuesday 1st May
Monday’s session was spent in a tight range centred around 1393. 1395 was rejected on the Open but the 1/2R Support at 1386 was not tested (important for Bulls that this level holds).
A little more time around 1395 would lift the 4month poc up to this level. Should that happen (it may not) we could then reasonably assume that if Buying is marked above 1395 we could anticipate a new high and Selling marked below 1395 would lead to a test of 1366.
Potential Support/Resistance = 1395 (2month poc)
First Level Support = 1386 1/2R off March high
Second Level Support = 1366 (4month poc)
Sentiment: My version of the Rydex Assets Ratio was quite sharply higher at 4.75 (from 3.45). Bear fund assets that I follow were down by 22%. Just to remind you, the highest ratio in my database was on 3rd April at 5.64.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Chart currently holding above the four month poc Support at 1.3069 and printed a 19dy high today.
+ Dollar Index: Chart currently printing below 79.09 (now the 12mnth poc) and printed a 40dy low today.
? TLT: pre-open is printing almost exactly at the maj poc at 117.18.
imo these charts have a slight positive bias for equities.
