posted 9.28 a.m. est
Pre-open Thursday 10th December
On Wednesday Significant Buyers were marked Responding below three weeks Value (see Tuesday comments) and again in the p.m. This is not yet Effective Buying (Value Area was lower and wider).
longframe: I have not marked Effective Buying or Selling for nearly four weeks which is typical of a range bound market. This range continues to show Buyers Responding below the 1088.50 poc and Sellers Responding above 1115. That’s not exciting but it will give us a big clue that the major trend has changed if we see Effective Selling below 1088.50.
dayframe: 1102 is a good reference level today – it is the 1/2 range off the 4th Dec high. Consolidation above that level or obvious support for a higher low on the intraday charts would signal higher. The Rydex Bull Fund Assets crossed above the 10dy ma and the Bear Fund Assets crossed below the 10dy ma – smart Bulls wouldn’t want to see these traders getting too Bullish – I will be watching these indicators closely.
