Pre-open comment Tuesday 6th September
Last week I marked four instances of Significant Selling and one of Significant Buying = Acive Sellers on this timeframe. Friday closed below Mon-Wed range low so Weekly Structure is negative.
Chartprofit MarketTiming System for both Nyse and Nasdaq Market Charts remained negative for the seventh consecutive week.
The Support level quoted pre-open Friday (1169poc) actually marked the low of the session but European markets were extremely weak again on Monday (U.S. holiday) and today ES is printing much lower. Unless ES can print quickly back above the 1/2R off Aug low at 1153 then a test of that low is likely.
1st Level Resistance = 1153 (1/2R off Aug low)
2nd Level Resistance = 1169 (35dy poc)
1st Level Support = 1133 (15dy poc)
Major Support = 1094 Maj poc
ST Sentiment: My version of the Rydex Assets Ratio was lower on Friday at 1.34. The recent low for this ratio on 22nd Aug was 1.10, the lowest reading since Sep 2010.
Supporting Charts (+ or – or ? for equities).
– EURUSD: Has broke below the Major poc at 1.4212. Has printed a 35day low today.
– Dollar Index: Currently printing above the 74.96 poc at a 35day high.
– TLT: Printing its highest level since Jan 2009.
imo these charts have lined up negatively for equities.
