Pre-open Monday 11th January
Last week I marked three instances of Significant Buying activity and no Significant Selling activity. The low of the week was on Monday and the high on Friday with Friday closing above the Monday-Wednesday range.
The First Level support remains at 1129 for the start of this week. Until I mark Effective Selling activity below this level I will assume Buyers are in control of the dayframe and until I mark Effective Selling below 1108 I will assume the Longframe trend is still up.
Breadth is supportive of higher prices and price location is strong as long as Major charts continue to print above their 1/2BearMarket levels, however LT Sentiment measures are pushing extremes (e.g. VIX closed on Friday at the lowest level since May 08).
