posted 09.10 a.m. est
Pre-open comment Wednesday 19th February
One week ago the 6mn poc migrated down from 1835.50 to 1792.00. Enough time was spent at 1835.50 yesterday to migrate the poc back to that level. With the dayframe imbalances indicating that Buyers are Active and Effective the analysis remains positive in the near term but now with intraday S/R at 1835.50 and Support at 1792.00. Time above 1835.50 would indicate higher and the first sign of weakness would be time below 1792.00.
Dayframe: Note that the bullish pattern of day session Value Areas being printed above previous day’s poc remains intact, see chart.
ES intraday S/R = 1835.50 (6mn poc)
ES First Level Support = 1792.00
Stocks>50dyma numbers: Nyse 61%, Nasdaq 57%, R2000 53%. Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 5.63 (from 6.45). The recent high for the ratio at 7.50 in mid January was the highest in my database.
Supporting Charts
Bonds TLT: printed a 6mn high recently but then reversed. Strong price location but Momentum (although positive) is down.
Gold GLD: Printed a 70day high last week. Momentum is positive and up but chart is still in a LT weak price location. (SLV, Silver ETF prints above 20.82, 1/2R off June low, in a stronger price location).
Oil USO: Now printing above 36.11, the 1/2R off September’s high, in an even stronger price location.
Dollar Index: currently printing just below the important 80.15 level. Dollar Bulls would want to see the chart hold 79.76, the maj poc.
EURUSD: Held the 9mn poc (1.3524) recently and Mometum is up and positive.
