Pre-open comment Tuesday 24th March
See yesterday’s high;ighted comments. Monday generated a narrow “inside” Value Area. First Level Resistance at 2107.00 was the exact high of the session and is yet to be exceeded.
Dayframe: there is a very minor (5day) poc at 2096.00. For intraday traders price relative to this level may be useful to monitor.
Stock Index ETFs: Momentum (PriceOsc) is positive and up for IWM (smallcaps) and negative but up for SPY, DIA and QQQ.
First Level Resistance = 2107.00 (50day poc)
First Level Support = 2066.50 (7mn poc)
Stocks>50dyma numbers: Nyse 66% (from 65%), Nasdaq 66% (unch), R2000 71% (from 69%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 11.65. On 03/02 the ratio reached 14.06, the highest ratio in the database.
Supporting Charts:
Bonds TLT: Has now retraced back above 130.75, which is the 1/2R off the Jan high. Pre-open chart is printing above this level and this is strong price location if it holds.
Dollar Index: on 03/13 chart printed its highest level since 2003. Has corrected from there but there is Support at 94.67, the 12mn poc.
Gold GLD: Last week printed its lowest level this year but has rallied from there. There is Resistance at 115.12, the 12mn poc.
Oil USO: printed a new low last week.
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.earlier this month.
