posted 9.26 a.m. et
pre-open comment Tuesday 21st August
With Significant Sellers making no appearance across the recent range ES is seeking them higher. Currently the first indication of weakness would only occur if Significant Selling is marked below the First Level Support at 1398.50.
Key Chart SPY has broken out to a new four year high today above April’s high at 142.21. I’m watching to see if price will be accepted above that level.
GLD and SLV also sharply higher pre-open with GLD very close to a three month high. Another interesting chart today is the Emerging Markets ETF (EEM). This year’s 1/2R comes in at 40.74 with recent consolidation just below that level. Pre-open high is 40.73. Looking to see if this one will breakout or fail here.
First Level Support = 1398.50 (25dy poc)
Second Level Support = 1348 (6mn poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 4.43. The ratio reached a 54day high on 31st July at 4.51.
VIX hit a five year low on Friday at 13.3
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Key chart. Last week the 6month poc migrated lower to 1.2285 and chart found Support there on Friday and Monday. Pre-open today the chart has printed a 33day high.
+ Dollar Index: Last week the 6month poc migrated down to 82.52. Pre-open the chart prints below that level.
+ TLT: The chart currently prints below the 5month poc at 125.93 which is weak price location.
imo is these charts have a positive bias for equities.
