posted 9.05 a.m. est
Pre-open comment Monday 20th December
Note: we are now following the March contract.
Last week I marked two instances of Significant Buying and one of Significant Selling. The CP Market Timing System (weekly) is positive for all Market Charts
On Friday ES once again found support exactly at First Level Support. This shows that obvious support levels are holding which is ST bullish. Aggressive Buying (green-at-top) was marked later in the day.
First Level S/R = 1237 (11day poc)
Second Level Support = 1220 (23day poc)
Sentiment indicators suggests that upside is limited here at least.
My version of the Rydex Assets Ratio – Wednesday’s ratio at 3.39 was the second highest level I have in my database.
The ISEE (equity-only) 10 dayma reached the highest level I have in my 4year database.
Consensus polls have been reaching relatively high levels.
Supporting Charts
? EURUSD: currently prints above the 1/2R off the June low at 1.3087 but only just.
? UDX: currently prints just above the 80.15 major 1/2R.
+ TLT: currently prints below the 95.33 maj poc.
imo these charts are mixed – possibility of dollar strength developing which would not help equities.
