posted 09.25 a.m. est
pre-open comment Wednesday 10th April
Aggressive Buying (green-at-top) was marked again on Tuesday. The session generated a higher, wider Value Area, entirely above the 5mn poc at 1548.50 so this is Effective Buying.
Dayframe: the very minor (4day) poc at 1561 is dayframe Support and that has been the overnight low.
%Stocks>50dyma numbers: Nyse 57%, Nasdaq 48%. The Nyse number stayed at 57% and the Nasdaq number fell from 49 to 48%. Numbers >50 are supportive.
First Level Support = ES 1548.50 (5month poc)
Second Level Support = ES 1517.50 (min poc)
My version of the Rydex Assets Ratio was slighty higher at 3.95. The 60day low for this number is 3.49. Recent high for the ratio was on 13th Feb at 5.22.
Supporting Charts (+ or – or ? for equities). Momentum = daily PriceOsc
? Bonds TLT: Last week TLT printed a new high for the year but failed at the obvious Resistance at 123.42, the 1/2R off last July’s high. This Resistance has not yet been overcome. Momentum is positive and up but should it turn down this chart would become a negative for equities.
– Oil USO: prints back below 34.17, the 1/2R and 3year poc. Momentum (although positive) is down.
– Gold GLD: Last week printed its lowest level since the May low last year. Momentum now negative and down.
? Silver SLV: Still in a weak price location printing below 27.87, the 12mn poc and last week printed its lowest level since last July. Momentum (although negative) has turned up.
? Dollar Index: very volatile; now printing back below the 2month poc at 82.75. Momentum (although positive) is down.
? EURUSD: found Support at the Major poc at 1.2777. The positive divergence between PriceOsc and Price was confirmed last week by the indicator turning up (although still negative). Today the chart is probing just above the 1.3070 (24mn poc) Resistance; price printing time above this level would put the chart in a stronger price location.
imo these charts are mixed and do not have a clear bias for equities.
