Pre-open comment Tuesday 8th March
Monday: ES spent very little time after the Open above yesterday’s 8dayVAH. Also quickly declined back below the 50day poc at 1318 which is not indicating strength ST. Time at 1315 could migrate that poc slightly lower.
Dayframe: Overnight the 1318 poc has been resistance. I will not be long below that level.
Since early February price action has been centred around 1318. As I said on Friday, this still “looks like Significant Buyers and Sellers vying for control of the dayframe”. Effective Buying or Selling being marked above/below this level will now most likely determine the next directional move.
Nasdaq%Stocks>50dayma has just dipped slightly below 50. That’s a negative if that number falls further.
First Level Resistance = 1318.00 Maj Support 1281.50
8dayVAH = 1321 8dayVAL = 1297
ST Sentiment: My version of the Rydex assets Ratio was lower at 2.98. a three week low.
Supporting Charts (+ or – or ? for equities).
? EURUSD: In strong price location but may be turning down. Overbought technically and PriceOsc is negatively diverging.
? UDX: In weak price location but may be turning up. Oversold technically and PriceOsc is positively diverging.
+ TLT: did not hold above the 6month poc at 91.80. Weak position.
imo these charts are mixed and it is difficult to imply a bias for equities.
