posted 9.29 a.m. est Pre-open Friday 8th January Early in the week ES built value around 1129 establishing “a good reference level..for short term traders”.  There was a price probe below that level early in yesterday’s session which was quickly rejected setting up a rally through to the close.  I marked Significant Buyers (green-at-top) for […]

posted 9.28 a.m. est Pre-open Thursday 7th January ES found low on Wednesday just above the First Level S/R at 1129 which means it is still “acting right” .  Pre-open today ES has printed just below that level.  Value Area was higher but narrower generating less volume.  That’s not convincing.  As I wrote yesterday I […]

posted 9.29 a.m. est Pre-open Wednesday 6th January Tuesday: ES built value centred around 1129, same level as poc on Monday.  That gives a good reference level today for short term traders.  Apart from the last day of 2009 (and that was most likely squaring up) there has been a lack of imbalances on the […]

posted 9.29 a.m. est Pre-open Tuesday 5th January All highlighted previous comments on graphic are relevant. First Level S/R was 1118 on Monday and remains there today.  Monday day session opened just above that level and drove higher.  As discussed in this week’s webcast the SP500 index and the Nyse comp both broke above their […]

posted 9.15 a.m. est Pre-open Monday 4th January The First Level Resistance at 1123 given on Wednesday was probed on Thursday.  In fact, Significant Sellers Responded at 1124 (red-at-top) and that was the day session high.  Sellers were active again later in the day (red-at-bottom) and although this wasn’t Effective Selling (the Value Area was […]

posted 9.03 a.m. est Pre-open Thursday 31st December The First Level Resistance at 1123 poc capped Wednesday’s price action but pre-open (so far) today the low is 1123 – a minor sign of strength if ES can consolidate above that level. For now at least price action is responding positively with the increasingly positive market […]

posted 9.29 a.m. est Pre-open Wednesday 30th December Overnight ES probed down to 1113 which is just below the low of 5daysVA (5 days cumulative value area) and is also the high of the recent six week trading range.  I would expect Buyers to Respond here if the trend is to remain up in the […]

posted 9.28 a.m. est Pre-open Tuesday 29th December Last week VIX closed at the lowest level since August 2008. AMG reported Equity Fund Inflows of $9 Billion wwhich lifted the 4week flow to the highest net inflow for at least six months. This data indicates that sentiment in the longer term is getting overheated. On […]

posted 9.20 a.m. est Pre-open Thursday 24th December The 30day poc moved higher to 1108 on Monday.  Since then Value Areas have been narrow but have all printed above this level which is a sign of short term strength. Supporting this view is my version of the Rydex Assets Ratio which fell from 2.16 to […]

posted 9.28 a.m. est Pre-open Wednesday 23rd December As the SP500 index came close to breaking above its Bear Market 1/2half level (1121.5) investors appear to be very complacent about the risk of a market correction with the VIX closing at its lowest level since August 2008.   The ISEE (equity only) index had another high […]