posted 9.26 a.m. est
Pre-open Thursday 17th December
Note: Contract we’re now following is March 2010 as of 15th December.
ES found resistance again at the top of the five week trading range. The poc across this range is now 1105.5 which is First Level Resistance (SPY equivalent is 111.06).
The obvious Support is still the poc at 1088.50 (SPY equivalent is 109.43).
Quick recap: The SPY high this month hit the major resistance level of the Bear market halfway point. The day of the high was the time pivot date of December 4th discussed previously. That’s a Gann set up and if we see weakness here it needs to be taken seriously. The Rydex timers got bullish on Tuesday (contrarian indicator) and are suffering again. I’ll watch closely how they react if we see further weakness this week.
Still waiting for Effective Sellers to be marked.
