Wednesday’s session generated an overlapping/lower Value Area but ES held the 1870 Support and rallied strongly late in day. Pre-open has printed above 1960.
First ST positives would be Significant Buying marked above 1870 and a higher, wider VA.
Resistance = 2095.00 (maj poc)
Support = 1870.00 (formerly the maj poc)
Momentum (PriceOsc) remains negative and down for all four Stock Index ETFS.
Stocks>50dyma numbers: Nyse 10% (from 6%), Nasdaq 14% (from 10%), R2000 14% (from 9%). These numbers have historically registered oversold. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 6.37. Tuesday’s 6.30 was the lowest level since October
Supporting Charts:
Bonds TLT: found Resistance this week at 126.69 (1/2R off this year’s high) and has sold off sharply.
Dollar Index: has recovered back above 94.67, the 12mn poc. Price below this level is weak price location.
Gold GLD: Closed at a 32day high on Monday but has fallen sharply from there.
Oil USO: closed at a new low on Monday but has rallied from there.
EURUSD: is today printing back below 1.1340 (12mn poc).
