Pre-open comment Friday 16th December
Following Tuesday’s Aggressive Selling the last two sessions have generated lower, narrow VAs. No Significant Buying has been marked. This has the “look” of Sellers Resting nd I’ll assume that is the case until Significant Buyers are marked.
Dayframe:The 8day poc migrated to 1218.5. This may attract more time but intraday S/R at this level could help decide the very minor bias.
First Level Resistance = ES 1244 (50dy poc) SPY =125.44
First Level Support = ES 1204.50 (1/2R) SPY =122.30
Sentiment: My version of the Rydex Assets Ratio was slightly lower at 2.37 (from 2.46).
Supporting Charts (+ or – or ? for equities). (Momentum = daily PriceOsc)
– EURUSD: weak position. New eleven month low on Wednesday. Momentum turned down on Monday.
? Dollar Index: Currently the chart is printing back below 80.15, the 1/2R off the 2008 low. Momentum turned up on Monday.
– TLT: Chart appears to have formed a higher low on the 116.34 poc Support.
imo these charts have a negative bias for equities.
