posted 9.47 a.m. et
Post-open comment Tuesday 27th December
Last week I marked Significant Buying three times and Significant Selling once. Friday closed above the Mon-Wed Range high and above the previous week’s high which is Effective Buying on this timeframe.
The Chartprofit Market Timing System went back to positive for Nyse and remained negative for Nasdaq. %Stocks>50dyma numbers are both above 50% which is constructive.
First Level Resistance = ES 1265 (2month VAH)
First Level Support = ES 1244 (75dy poc) SPY =125.44
Second Level Support = ES 1204.50 (1/2R) SPY =122.30
Sentiment: My version of the Rydex Assets Ratio finished the week at 2.11. The recent high was at 2.96 (11/07) and the recent low at 1.61 (11/25).
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
? EURUSD: weak position. Printed an eleven month low last week.
Momentum turned up.
? Dollar Index: pre-open prints just below 80.15, the 1/2R off the 2008 low. Momentum turned down.
– TLT: Currently the Chart prints above 117.88 the 10month poc.
imo these are unclear re ST bias for equities.
