posted 9.29 a.m. et
pre-open comment Thursday 23rd August
See previous comments. ES rallied as high 1418 overnight but has faded since. If further weakness is seen and Wednesday’s low is broken then the Support at 1389.50 would come into play. I would need to see Significant Buying marked above that level to consider new long trades. Dollar has been weak the last few days and Gold/Silver strong yet equities have stalled.
First Level Support = 1398.50 (25dy poc)
Second Level Support = 1348 (6mn poc)
Sentiment: My version of the Rydex Assets Ratio spiked higher to 5.13 on Tuesday which is the highest level since 3rd May. Wednesday’s ratio was a little lower at 4.73.
VIX hit a five year low last Friday at 13.3
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Key chart. Last week the 6month poc migrated lower to 1.2285 and chart found Support there on Friday and Monday. Chart has printed a 36day high today.
+ Dollar Index: Last week the 6month poc migrated down to 82.52 and chart prints below that level. Has printed a 45day low today.
? TLT: The chart currently prints below the 5month poc at 125.93 which is weak price location. But pre-open chart is printing a 7day high amd Momentum has turned up.
imo is these charts “should” have a slight positive bias for equities.
