Pre-open comment Wednesday 5th March
No Significant Selling marked for seven days. Currently ES is currently holding its strong price location above 1835.50 (6mn poc). First sign of weakness would be Effective Selling marked below that poc.
First Level Support = 1835.50 (6mn poc)
Second Level Support = 1792.00
Key Chart: Financial Sector XLF is approaching proven Resistance at 22.04. imo price printing time above this level would be a further positive for the market.
Stocks>50dyma numbers: Nyse 73% (from 63%), Nasdaq 70% (from 57%), R2000 72% (from 57%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 6.61. The ratio reached 7.71 on 02/26 which is the highest in my database.
Supporting Charts
Bonds TLT: Down sharply on Tuesday but in the LT is holding a strong price location above 106.34 (10mn poc). Momentum is up and positive.
Gold GLD: pre-open today is holding its strong price location above 127.20, the 18mn poc. Silver (SLV) is in a weaker price location below 21.02 (2yr poc).
Oil USO: Held its strong price location last week above 36.11, the 1/2R off September’s high and on Monday printed its highest level since September.
Dollar Index: The Support at 79.76, the maj poc, has been recently probed but has held so far. Dollar Bulls would want to see this level hold.
EURUSD: Currently holding above 1.367, the 12mn poc, in a strong price location. Mometum is positive but turned down on Monday.
