posted 9.22 a.m. est
Pre-open comment Monday 10th January
Early in Friday’s session ES fell below First Level S/R at 1268.50. There was a rally in the afternoon which tested up into this level (see chart) but since that point ES has not printed above 1268.50 which is First Level Resistance at the start of this week.
Longframe: All major Market Timing Charts remain positive except ND100 which is neutral. Weekly Price Structure indicates strength – last week showed strength early in the week and spent the rest of the week consolidating those gains. No Significant Selling has been marked since December 16th so Short Trades have been eliminated for me since pre-open 12/17.
Dayframe: I assume Buyers are still in control of the dayframe. If ES can print some value above 1268.50 I will expect further strength.
First Level Resistance = 1268.50 (8day poc)
Support = 1254.0 (30day poc)
ST Sentiment: My version of the Rydex Assets Ratio ended the week higher at 3.39. Heading back towards the recent high at 3.40.
Supporting Charts
– EURUSD: Currently prints below 1.3087, the 1/2R off the June low. This is a weaker price location. Today chart printed its lowest level since 14th September.
– UDX: Currently prints above 80.15, the major 1/2R and today printed a 25day high.
+ TLT: Closest reference level is now the 2month poc at 93.04. Chart currently in weak location below that level.
imo these charts are mixed but have a negative bias for equities.
