posted 9.28 a.m. est
Pre-open comment Wednesday 26th January
Tuesday’s 8dayVAH was at 1288 and once again this capped the upside during the session. The 8dayVAH moves up to 1292 for today and 8dayVAL to 1278. These dynamic (they move) levels have been useful recently and may continue to be if the poc stays at 1281.50.
Dayframe: I assume higher if ES remains above 1281.50 but hourly oscillators have turned down so in the ST chart may well consolidate, and Bulls would hope it is above that level.
First Level Support = 1281.50
Second Level Support = 1267.50
ST Sentiment: My version of the Rydex Assets Ratio was up again – to 3.73. Last Wednesday’s ratio at 3.94 was the highest reading I have in my database.
Supporting Charts (+ or – or ? for equities)
+ EURUSD: Back in strong price location above 1.3087, the 1/2R off the June low. New 40dy high today.
+ UDX: Currently prints back below 80.15, the major 1/2R. This is a weaker price location. New 50dy low today.
+ TLT: Closest reference level is the 2month poc at 92.56. Chart probed up into this level on Tuesday but currently below.
imo these charts have a positive bias for equities.
