Pre-open comment Friday 23rd December
Aggressive Buying (green-at-top) was marked on Thursday with most of the session’s Value Area being printed above the 1244 poc putting ES in a stronger price location in the ST. This level now becomes First Level Support. Monday’s low was a test of the 2month VAL at 1196; the 2month VAH currently comes in at 1265.
First Level Resistance = ES 1265.
First Level Support = ES 1244 (75dy poc) SPY =125.44
Second Level Support = ES 1204.50 (1/2R) SPY =122.30
Sentiment: My version of the Rydex Assets Ratio was lower, at 2.11 (from 2.54). The recent high was at 2.96 (11/07) and the recent low at 1.61 (11/25).
Supporting Charts (+ or – or ? for equities). (Momentum = daily PriceOsc)
? EURUSD: weak position. Printed an eleven month low last week. Momentum turned up.
? Dollar Index: pre-open prints below 80.15 (just below), the 1/2R off the 2008 low. Momentum turned down.
– TLT: Last week the 10month poc migrated higher to 117.88 and currently the Chart prints above that level.
imo these are unclear re ST bias for equities.
