posted 9.26 a.m. est
Pre-open comment Monday 13th December
Last week I marked two instances of Significant Buying and one of Significant Selling. There was relative weakness early in the week and relative strength late in the week which is the bullish structure as noted re the previous week (see left).
On Friday ES almost reached my 1242 minor target (high was 1241.50) but pre-open today has printed as high as 1246.75 which is a new multi-month high.
First Level Support: 1234.50 (4day poc)
Longframe: Market Timing System (weekly) stays positive for US Market Charts. Neutral for UK.
ST Sentiment: My version of the Rydex Assets Ratio was down from 2.86 to 2.50. This was on an up day for the market and the contrarian ST Bullish implication of this has already been seen with ES higher pre-open today. The ISEE (equity-only) ratio came in with another extreme number, closing the week at 343. This lifted the 10 dayma to its highest level since just before the late April price high.
LT Sentiment: Market Vane (advisors) poll came in at 58% the highest since January this year.
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: currently prints below the 95.33 maj poc.
imo these charts have a positive bias for equities.
