posted 9.29 a.m. est
Pre-open comment Wednesday 19th January
Buyers have been very active. I have marked four instances of Significant Buying in four days. On Tuesday I marked Aggressive Buying as ES pushed to a new high. Stats suggest that yesterday’s green-at-top high (1295) is likely to be tested. This will most likely be early in the session rather than the afternoon as three consecutive days of Aggressive Buying is rarely marked. Hourly oscillators indicate chart may stall here.
First Level S/R = 1290 (minor poc).
Next Level Support = 1281.50 (16day poc).
ST Sentiment: My version of the Rydex Assets Ratio was up at 3.46. Last Thursday’s ratio of 3.61 yesterday was the highest I have in my database.
Supporting Charts (+ or – or ? for equities)
+ EURUSD: Back in a stronger price location above 1.3087, the 1/2R off the June low. Today the chart printed a new 35 day high.
+ UDX: Currently prints back below 80.15, the major 1/2R. This is a weaker price location. Today the chart printed a new 35 day low.
+ TLT: Closest reference level is the 2month poc at 92.56. Chart currently in weak location below that level.
imo these charts have a positive bias for equities.
