posted 8.18 a.m. et
pre-open comment Wednesday 25th April
Tuesday’s session spent most time at 1366 further building the 4month poc at that level. Once again we are back within the zone between 1366 and 1386. I repeat the comment I have made for a while now “Buying marked above 1386 or Selling marked below 1366 will likely determine the next directional move” Overnight ES has probed up into the minor 10dy poc at 1379 and this could be intraday Support or Resistance today.
First Level Resistance = 1386 1/2R off March high
Potential Support/Resistance = 1379 (minor 10dy poc)
First Level Support = 1366 (4month poc)
Sentiment: My version of the Rydex Assets Ratio was higher at 4.35 (from 3.77). Last Thursday the Ratio was down at 3.71 which was a 25dy low. The ISEE (equity-only) index came in at 106. Apart from the very low number (88) six days ago, this is the lowest reading since 26th January. And the 10dyma is at its lowest level since early February.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Chart currently holding above the four month poc Support at 1.3069 and printed a 14dy high today.
? Dollar Index: Chart printing below the 80.15 Resistance (the most important level) but above the 79.09 Support (5mnth poc). Printed a 15dy low today.
? TLT: The major poc has migrated up from 116.22 to 117.18. Currently TLT prints below this level.
imo these charts are mixed and do not have an obvious bias for equities. This could change soon.
