pre-open comment Wednesday 12th September
Tuesday’s session held the higher range we have since over the last few days. I marked Significant Selling on Monday but there has been no follow-on downside, in fact Pre-open today ES has printed above 1438 (Monday’s session high) which negates the ST negative implications of that Selling imbalance. 1435 is a minor poc which could be intraday Support or Resistance today.
Also see Supporting Charts below.
First Level S/R = 1435.00 (15dy poc)
Second Level Support = 1397.00 (8mn poc)
Other Key Charts/Levels: Watching Major 1/2R levels closely this week on the following charts. QQQ = 70.13; Nasdaq Comp = 3120.50; Nasdaq 100 = 2805.60
Sentiment: My version of the Rydex Assets Ratio was lower on Tuesday at 4.87 but last Thursday’s ratio printed 5.35 and I only have two readings higher than this in my database. These are 5.64 on 3rd April and 5.43 on 2nd May.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ KEY CHART EURUSD: Has today printed its highest level since May and is now printing above the 1.2777 major poc.
+ KEY CHART Dollar Index: Has today printed its lowest level since early May and is now printing below the major level at 80.15.
+ TLT: Key Chart. the 5month poc migrated to 125.93 in August. Chart currently prints below that level in a weaker price location.
imo these charts have a positive bias for equities.
