Pre-open comment Thursday 13th January
Wednesday’s session gapped opened higher and consolidated the gain with a higher Value Area. Although the reliability of my stats are distorted by gaps Aggressive Buying was marked which suggests that yesterday’s green-at-top high of 1285.50 will be tested.
First Level S/R = 1281.50 (Wednesday poc). This is a minor level.
First Level Support = 1267.50 (14day poc)
ST Sentiment: My version of the Rydex Assets Ratio reached 3.49 yesterday which is the highest I have in my database.
Supporting Charts (+ or – or ? for equities)
+ EURUSD: Rally back above 1.3087, the 1/2R off the June low. This is a stronger price location.
+ UDX: Currently prints back below 80.15, the major 1/2R. This is a weaker price location.
+ TLT: Closest reference level is now the 2month poc at 93.04. Chart currently in weak location below that level.
imo these charts have a positive bias for equities.
