Pre-open comment Tuesday 28th February
On Monday Buyers Responded (green-at-bottom) to a test of the ten day poc at 1355 early in the session. Later in the day ES printed a new high for this rally. In the dayframe the first minor indication of weakness is ES printing time below 1355.
First Level Support = 1355 (10 dy poc)
Second Level Support = 1346 (20 dy poc)
Sentiment: My version of the Rydex Assets Ratio was slightly higher at 4.77. Last Tuesday’s ratio at 5.14 was the highest ratio I have in my database.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: printed a new 50dy high on Friday. Chart recently found Support at the 3mnth poc at 1.30.
+ Dollar Index: chart recently found Resistance at the important 80.15 level.
– TLT: pre-open prints above the 10month poc at 117.88.
imo these charts currently have a slight positive bias for equities.
