Pre-open comment Wednesday 8th February
Buyers were marked on Tuesday, Responding (green-at-bottom) to a probe below the low of the last two sessions and Aggressively (green-at-top) later in the day. It has now been 34 days since I marked Aggressive Selling.
First Level Support = 1322.5 (min poc)
Second Level Support = 1307 (maj poc) SPY = 131.28
Sentiment: My version of the Rydex Assets Ratio was down slightly to 3.36. Monday’s ratio at 3.71 was the highest reading since mid May last year. This is a concern but the ISEE (equity-only) Index was lower again at 157 – see yesterday’s comment about this.
Supporting Charts (+ or – or ? for equities). UNCHANGED
(Momentum = daily PriceOsc)
+ EURUSD: Currently consolidating above the 3mnth poc at 1.30.
+ Dollar Index: Chart prints below the important 80.15 level.
+ TLT: Chart is printing below the 10month poc at 117.88.
imo these charts currently have a positive bias for equities.
