pre-open comment Tuesday 13th March
ES held the First Level Support at 1366 (see chart) and closed at the top of Monday’s range. Overnight ES has printed up into the 1380s. Time spent below 1366 is now the first sign of weakness.
First Level Support = 1366 (35 dy poc)
Second Level Support = 1346 (poc)
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 3.74 (from 3.79). This is well down from the ratio on 02/29 at 5.25 which was the highest I have in my database.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: Chart is currently testing down into the four month poc at 1.3069. An important level to monitor.
? Dollar Index: Chart is currently testing up into the major 1/2 at 80.15.
+ TLT: chart prints below the 10month poc at 117.88.
imo these charts do not have an obvious bias for equities. This could change soon.
