posted 09.17 a.m. est
pre-open comment Wednesday 1st May
As noted pre-open yesterday, the 15dypoc moved to 1581 and was the First minor Support on the chart. ES found its low at that level. That, and the fact that Aggressive Buying (green-at-top) was marked confirms Buyers in control of the dayframe.
%Stocks>50dyma numbers: Nyse 66% Nasdaq 55% R2000 55% Numbers >50 are considered supportive.
Minor dayframe Support = 1581 (min poc)
First Level LT Support = ES 1562 (1/2R off recent high)
Second Level LT Support = ES 1548.50 (5mn poc)
Rydex Assets Ratio: My version of the Rydex Assets Ratio was higher at 4.43 (from 3.65). 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). Momentum = daily PriceOsc
+ Bonds TLT: KEY CHART. Has stalled at the obvious Resistance at 123.42, the 1/2R off last July’s high. If chart can print time above this level it would be stronger price location. Momentum is positive but down.
? Oil USO: Now printing back below 33.10 (1/2R off last year’s low). Momentum is negative but up.
? Gold GLD: Has fell steeply earlier this month to its lowest level for two years. Momentum is negative but has turned up.
– Silver SLV: Has been weak since it double-failed at its maj poc in January and this month has printed its lowest level since October 2010. Momentum is negative but has turned up.
+ Dollar Index: Is today printing a 45day low. Now approaching the important Support at 81.35 1/2R level.
? EURUSD: Is today printing a 45day high and is approaching the 1.3228 Resistance at 1.3228 (1/2R off February high). Momentum is positive but down.
imo these charts have a slight positive bias for equities.
