posted 9.18 a.m. est
Pre-open comment Monday 6th December
Thursday’s green-at-top high was exceeded on Friday as ES closed strong for the week. This pattern of relative weakness early in the week and relative strength late in the week is usually bullish.
I marked one instance of Significant Buying last week and no Significant Selling.
There is no obvious local S/R. I’ll use 1220 as the First Level S/R which is the minor (2day) poc.
Longframe: All U.S. Market Charts are positive and the U.K. Market Chart is negative.
ST Sentiment: My version of the Rydex Assets Ratio was up every day last week ending the week at 2.62. The ratio reached 2.78 at the price high in November and that level needs to be watched if/when exceeded.
LT Sentiment: The OEXcalls% 10dyma was rising rapidly by the end of last week, up from the lowest level in months reached the previous week. This is often considered a smart-money indicator.
Supporting Charts –
+ EURUSD: currently prints above the 1/2R off the June low at 1.3087
+ UDX: currently prints below the 80.15 major 1/2R
? TLT: as I write pre-open TLT prints at the 95.33 maj poc. If TLT breaks convincingly below this major poc it would be a further positive for equities.
imo these charts have a positive bias for equities.
