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 […]

posted 9.28 a.m. est Pre-open Tuesday 22nd December From Monday’s eBook “At these levels I would not consider shorts until I see Effective Selling below 1088.50 (which would turn me bearish)” The ISEE (equity only) Index came in at 231 which is very high (overly bullish) and the VIX is back on its lows so […]

posted 9.15 a.m. est Pre-open Monday 21st December Friday’s low was exactly at the obvious support of 1088.50 poc.  This is currently the most important level to watch.  If this support should become resistance at some point this week then I would expect further weakness. Last week I marked no Significan Buying or Selling.  ES […]

posted 9.25 a.m. est Pre-open Friday 18th December The halfway point of the range since the Dec 4th high is 1097 (March contract).  If ES finds it difficult to print above this level early in the session then we could see weakness to end this week and that could potentially leave a reversal-type bar on […]