posted 9.28 a.m. est
Pre-open Tuesday 5th October
Monday tested down to the level that brought Responsive Buying (green-at-bottom) the previous Tuesday. Pre-open today ES is printing back up towards the high of the recent range.
I note that some indices, futures and sectors made their July lows on the 6th (most were on the 2nd) and this gives a bit more latitude to the 91 day count – minor thing but if there was a break higher today or tomorrow it would be within the space I would allow the time pivot.
First Level S/R stays at 1139 (7week poc).
Sentiment: My version of the Rydex Assets Ratio was up slightly from 1.58 to 1.66. As I said in the eBook the LT Sentiment indicators are looking toppy but the ST Sentiment indicators are not confirming – that could change.
Supporting Charts
– USDJPY: Weak position
+ EURUSD: New six month high once again today but very overbought.
+ UDX: New eight month low once again today.
+ TLT: currently printing back below the major 1/2R level resistance at 105.22
imo these charts have a positive bias for equities.
