Pre-open comment Friday 6th January
Aggressive Buying (green-at-top) was marked on Thursday. All this week’s price action has held above the 1256 poc Support and Significant Selling has not been marked for eleven days. Pre-open ES has printed as high as 1282.25 following data release.
Support = ES 1256 (poc) SPY = 126.00
Sentiment: My version of the Rydex Assets Ratio was lower at 2.11 from (2.77). Recent high is 2.96 (11/07). Interesting data from AAII (public poll) which shows Bulls at 48.9% which is the highest since February last year and Bears% falling sharply to an extremely low 17.2%, the lowest Bears% since Dec 2010.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Chart printing a new 15month low today.
– Dollar Index: printing back above the 80.15 (1/2R off the 2008 low) and close to a new 12month high.
? TLT: prints very close to the 10month poc at 117.88. Key Chart = will Support hold?
imo these charts have a negative bias for equities.
