posted 9.28 a.m. est
Pre-open comment Friday 10th December
Price has been accepted in the area of 1235 (rejected on Tuesday) which is ST Bullish. The Sentiment both LT and ST is pushing extremes but maybe the seasonal strength will win out.
Dayframe: If 1234.50 (3daypoc) holds early in the session we should see it higher – 1242 minor target.
First Level Support stays at 1222 (minor poc)
ST Sentiment: My version of the Rydex Assets Ratio was up from 2.64 to 2.86 which exceeds the November high and is the highest level since 3rd May. That’s a warning that the public are getting very bullish. The ISEE (equity-only) ratio came in with yet another high number at 249 which lifted the 10 dayma to its highest level since the late April price high.
LT Sentiment: AAII (public) poll reported 53% Bulls. There has only been one week since May 2008 with a higher Bulls% and that was w/e Nov 12th.
Supporting Charts
+ EURUSD: currently prints above the 1/2R off the June low at 1.3087
? UDX: currently prints at the 80.15 major 1/2R.
+ TLT: currently prints below the 95.33 maj poc.
imo these charts have a positive bias for equities but watching the Dollar Index closely.
