Pre-open comment Thursday 23rd December
Significant Buyers were marked again on Wednesday, Aggressively auctioning ES to a new high. Declining volume for last few days (probably to be expected) but also higher/narrower Value Areas last two days.
First Level S/R = 1249 (minor 3day poc)
More important Support = 1238.50 poc
ST Sentiment: My version of the Rydex Assets Ratio fell from 2.7 to 2.6. The ratio reached 3.39 last week which was the second highest level I have in my database. VIX closed at 15.45 which was the lowest close since July 2007.
LT Sentiment: Investors Intelligence (newsletters) poll reported 58.8% Bulls which is the highest since October 2007.
Supporting Charts
? EURUSD: Currently prints just below 1.3087, the 1/2R off the June low. Printing value below this level would be bearish.
? UDX: currently prints above the 80.15 major 1/2R.
+ TLT: currently prints below the 95.33 maj poc.
imo these charts are mixed but if EURUSD and the Dollar index charts line up in weak/strong price location equities will likely run out of steam.
