Pre-open comment Monday 9th January
Last week I marked Significant Buying twice. I have not marked Significant Selling for twelve days. All of last week’s price action held above the 1256 poc Support.
Friday closed within the Mon-Wed Range which shows no directional bias.
The Chartprofit Market Timing System is now positive for all major US Market Charts and neutral for the UK Market Chart. The %Stocks>50dyma number for both Nyse and Nasdaq is above 50 which is Supportive.
Dayframe: The Minor poc (9dy) is at 1271.50. This is very close to the 1/2R level of the Range since ES gapped higher on 3rd January. Seems a reasonable level to use to gauge ST strength/weaness at the start of this week.
Support = ES 1256 (poc) SPY = 126.00
Sentiment: My version of the Rydex Assets Ratio ended the week at 3.0 which is a five month high.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Chart printed a new 15month low earlier today.
– Dollar Index: printing above the 80.15 (1/2R off the 2008 low) and reached a new 12month high last week
? TLT: pre-open, prints just above the 10month poc at 117.88. This Support held last week. Key Chart = will Support hold?
imo these charts have a negative bias for equities
