posted 09.08 a.m. est
Pre-open comment Tuesday 10th December
Monday generated a higher, narrower Value Area on reduced Volume. As long as ES holds above the 1792 poc it is in a strong price location.
Dayframe: 1806 could attract more time and lift the ST poc, with 1830 projected target if that happens.
First Level Support = 1792.00 (30dy poc)
Second Level LT Support = 1758.50 poc
Stocks>50dyma numbers: Nyse 63% (unchanged), Nasdaq 61% (from 63%), R2000 63% (from 65%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 5.03. Last Thursday’s ratio at 5.67 is the highest in my database. This indicator is registering extreme optimism which has historically been a warning for the market.
Supporting Charts
Bonds TLT: Last week probed the August low. Remains in a weak price location.
Gold GLD: Still in a very weak price location.
Oil USO: Back in a stronger price location back above 34.13, (3yr poc). Momentum is now positive and up.
Dollar Index: Pre-open, is printing below the 80.15 Support, but only just. Dollar Bulls would want to see this level recovered and Momentum turn back up.
EURUSD: Printed a 28day high today. Momentum is up and positive.
