Pre-open comment Tuesday 25th October
I thought ES>1250 might attract a Response from the Sellers but nothing marked yet. Market getting overbought but Short Trades are eliminated for me (since Close 10/18) until Significant Selling is marked again.
Key Charts to watch today. IWM and RUT have reached 1/2R Resistance. Can IWM get above 1/2R off May high at 73.45? (RUT 1/2R = 735.12). If so, this would be supportive.
1st Level Support = 1214.50 1/2R off May high (SPY 122.30)
2nd Level Support = 1189 (4month poc) (SPY 119.44)
ST Sentiment: My version of the Rydex Assets Ratio was lower at 1.65.
Supporting Charts (+ or – or ? for equities).
? EURUSD: Reached the Major Resistance at 1.3965 (1/2R off 2008 high). Momentum (PriceOsc) has been higher for twenty one consecutive days.
+ Dollar Index: Broken the Support at 76.27 (1/2R off the May low). Momentum has been lower for twenty consecutive days.
? TLT: Oversold but Momentum turned down again. Price is currently just above the 112.13 Support (4mnth poc). Possible turn here for the daily chart if that Support can hold.
imo these charts have an unclear bias for equities.
