Pre-open comment Tuesday 6th March
The 30day poc migrated to 1366 on Monday – this is now First Level Resistance. This is now a more important level than 1346 although 1346 remains First Level Support. Pre-open ES has printed as low as 1349.25 so First Level Support could well be tested today.
First Level Resistance = 1366.00 (30 dy poc)
First Level Support = 1346 (previous poc)
Second Level Support = 1307 (maj poc)
Sentiment: My version of the Rydex Assets Ratio was lower at 4.83 but remember last Wednesday’s ratio at 5.25 is the highest I have in my database.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: printed a new 10day low today and momentum has turned down but chart is still in a strong price location above the four month poc at 1.3069 which looks likely to be tested.
? Dollar Index: printed a new 12day high today. Although the chart is still below the important level at 80.15 it now prints back above the 5month poc at 79.09 and momentum is up.
? TLT: chart prints below (just) the 10month poc at 117.88.
imo these charts do no indicate an obvious bias for equities. This could change soon.
