pre-open comment Tuesday 20th March
Dayframe: The minor (10dy) poc moved up to 1395 on Monday. Pre-open ES has tested this level. Intraday this may be Support or Resistance and could provide a clue re market direction in the very short-term.
Minor Level of S/R = 1395 (10dy poc)
First Level Support = 1366 (35 dy poc)
Second Level Support = 1346 (poc)
Sentiment: Rydex traders recent behaviour has been very volatile. My version of the Rydex Assets Ratio was down slightly on Monday at 3.78.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart is currently printing back above the four month poc (1.3069). An important chart to monitor.
– Dollar Index: Chart is currently printing just back below the major 1/2 at 80.15 and technically overbought.
+ TLT: is printing just above 109.92 which is the six month low for this chart.
imo these charts are mixed and still do not have an obvious bias for equities. This could change soon.
