Pre-open Monday 24th August
Note: In light of today’s pre-open price action (equity markets are much lower) the eBook will be delayed. I need to refresh and update Support levels that can be discovered at these lower levels.
ES: Friday’s session generated another lower, wider Value Area and Aggressive Selling (red-at-bottom) was marked again. Pre-open today ES has printed below 1900. The best Support is the previous poc at 1870 (this was the major poc until recently).
Resistance = 2095.00 (maj poc)
Support = 1870 (formerly the maj poc)
Momentum (PriceOsc) remains negative and down for all four Stock Index ETFS. Breadth numbers weakened considerably on Friday, see below.
All CP Major Market Charts remain negative
Stocks>50dyma numbers: Nyse 19%, Nasdaq 19%, R2000 21%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 7.62, the lowest level since October
