posted 9.28 a.m. et
Pre-open comment Wednesday 1st February
Responsive Selling (red-at-top) was marked on Tuesday but not Effective Selling as the Value Area was overlapping/higher. The selling imbalance will be negated if ES prints above 1318 during today’s session which is very likely. Note I have not marked Aggressive Selling since 17th December.
Dayframe: The 10dayVAL at 1202 (dotted) was tested at yesterday’s low; the 10dyVAH comes in around 1317 (dotted). If ES is going to progress from here it may need to consolidate above 1313 first but as long as it holds above that level it stays in a strong price location on this timeframe.
First Level S/R = 1307 (35dy poc) SPY = 131.28
Support = ES 1271.50 (poc) SPY = 127.91
Sentiment: My version of the Rydex Assets Ratio was higher again to 3.57 which is the highest reading since late July last year. This is a little concerning but price action/location is more important.
Supporting Charts (+ or – or ? for equities). UNCHANGED
(Momentum = daily PriceOsc)
+ EURUSD: Currently prints above 1.2811 and above the 3mnth poc at 1.30 with momentum up.
+ Dollar Index: pre-open Chart prints below the important 80.15 level. Momentum is down.
? TLT: currently the chart prints above the 10month poc at 117.88.
imo these charts have a slight positive bias for equities.
