Pre-open comment Wednesday 29th April
Early in Tuesday’s session there was a rejected test of 2095.50, our First Level Support, see previous highlighted comments. Reactive Buying was marked and once again this is positive price action. First sign of weakness is time printed below this level.
Dayframe: The minor (10dy) poc is at 2110.50 and this is now First Level Resistance.
First Level Resistance = 2110.50 (min poc)
First Level Support = 2095.50 (3mn poc)
Second Level Support = ES 2045.00 (7mn poc); SPY 205.00
Stocks>50dyma numbers: Nyse 60% (from 57%), Nasdaq 55% (from 51%), R2000 59% (from 53%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 11.36 which is a 16day high. The ratio fell to a 50day low recently at 9.91 which represented a 29.5% fall from 14.06 on 03/02 (the highest in the database).
Supporting Charts:
Bonds TLT: pre-open today is printing below 129.80, the 6mn poc, in a weaker price location.
Gold GLD: pre-open today is printing above 115.12, the 11mn poc, in a stronger price location.
Oil USO: for twelve days has been printing above 18.39, the 12mn poc, in a stronger price location.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but broke that Support in March. Currently the chart is printing its highest level since early March.
