posted 9.29 a.m. et
Pre-open comment Thursday 15th December
The most recent imbalance was Aggressive Selling on Tuesday and therefore Long Trades are eliminated for me at least until Significant Buying is marked. Sellers are in control of the dayframe but there was no follow-on Significant Selling marked on Wednesday.
I have been monitoring 1214.50 as First Level Support, which is the 1/2R off May high for the ES continuation chart. But, 1204.50 is the same level for the chart of the December contract only. As this is the lower of the two levels I will use this as First Level Support from here-on. It was very close to the session low yesterday.
ES currently prints back above 1204.50 and SPY back above 122.30, its equivalent level. Time spent below this Support indicates further weakness.
First Level Resistance = ES 1244 (50dy poc) SPY =125.44
First Level S/R = ES 1204.50 (1/2R) SPY =122.30
Sentiment: My version of the Rydex Assets Ratio was lower at 2.46.
Supporting Charts (+ or – or ? for equities). (Momentum = daily PriceOsc)
– EURUSD: weak position. New eleven month low on Wednesday. Momentum turned down on Monday.
– Dollar Index: Currently the chart is printing above (just) the major Resistance at 80.15, the 1/2R off the 2008 low. Momentum turned up on Monday.
– TLT: Chart appears to have formed a higher low on the 116.34 poc Support. Momentum turned up.
imo these charts have a negative bias for equities.
