posted 09.10 a.m. est
pre-open comment Tuesday 7th May
Longframe: Chartprofit Market Timing System is positive for all major Market Charts. Friday closed above Mon-Wed Hi-Lo range which indicates Active, Effective Buying on the weekly timeframe. Active Sellers have not been marked on this timeframe during 2013.
Last week I marked Significant Buying twice and Significant Selling once. Thursday’s Buying was the most recent imbalance with Friday and Monday sessions generating higher, narrower Value Areas. ES is currently holding above the April high.
%Stocks>50dyma numbers: Nyse 72% Nasdaq 61% R2000 63% Numbers >50 are considered supportive.
First Level Support = ES 1581 (25dy poc)
Second Level Support = ES 1548.50 (5mn poc)
Rydex Assets Ratio: My version of the Rydex Assets Ratio was slightly higher at 4.52. Ratio reached a low of 3.22 on 4th Jan and a high of 5.22 on 13th Feb.
Supporting Charts (+ or – or ? for equities).
+ Bonds TLT: Has stalled and turned down from the obvious Resistance at 123.42, the 1/2R off last July’s high. Momentum is positive but down.
? Oil USO: Has rallied to the important Resistance around 34.20. Time printed above this level would put the chart back into a strong price location. Momentum has turned positive.
? Gold GLD: Fell steeply last month to its lowest level for two years. Momentum is negative but up.
– Silver SLV: Has been weak since it double-failed at its maj poc in January and last month printed its lowest level since October 2010. Momentum is negative but up.
? Dollar Index: KEY CHART. Currently printing below the 2month poc at 82.75 and above the 1/2R level at 81. Breakout above or below these levels will likley indicate next directional move.
? EURUSD: Met Resistance last week at 1.3228 (1/2R off February high) and is currently printing below that level but above the 24mn poc at 1.3070.
imo these charts have a slight positive bias for equities.
