Pre-open Tuesday 20th April
I marked Significant Buyers twice on Monday, Responding (green-at-bottom) to a probe below the 15day poc at 1183.50 and later in the day Aggressively (green-at-top) auctioning ES to a strong close. The Value Area was overlapping/lower on reduced (but above average) volume so this was not Effective Buying. Even so I have marked Significant Buyers six times in the last seven days and no sign of the Significant Sellers for twenty days now. Buyers are still affirming their control at every opportunity. Until that changes I have to assume higher.
ST Sentiment:
The ISEE (equity only) index came in high again at 228. Thirteen out of the last 15 days have been above 200 for this index which must be some kind of a record and indicates that the public are very bullish which is usually a warning that the market is overheated (contrarian).
My version of the Rydex Assets Ratio was down from to 3 to 2.8 which is still very high.
VIX fell back on Monday having spiked up to 18 on Friday.
Supporting Charts with important levels. Pre-open:
USDJPY prints below 93.60
EURUSD prints below 1.360
UDX prints above 80.15
imo these charts do not support higher equities.
