Pre-open comment Tuesday 21st April
The given minor poc level at 2084.00 provided early Support on Monday, see yesterday’s highlighted comments. That’s encouraging. And, during the session enough time was printed at 2095.50 to lift the 3month poc to that level and this may provide intraday Support or Resistance today. As long as ES prints above 2045.00 it is in a strong LT position.
First Level S/R = 2095.500 (3mn poc)
Second Level Support = 2084.00 (min poc)
Major Support = ES 2045.00 (7mn poc); SPY 205.00
Stocks>50dyma numbers: Nyse 58% (from 51%), Nasdaq 59% (from 52%), R2000 61% (from 51%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.87. Previous week the ratio fell to 9.91 which was a 50day low and represented a 29.5% fall from 14.06 on 03/02 (the highest in the database).
Supporting Charts:
Bonds TLT: closed just above 129.80, the 6mn poc. It is important that the chart holds above this level.
Gold GLD: pre-open today is printing just below 115.12, the 11mn poc.
Oil USO: for seven days has been printing above 18.39, the 12mn poc, in a stronger price location than recently.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but broke that Support in March.
