Pre-open comment Thursday 6th January
Significant Buying was marked on Wednesday. Buyers Responded early in the session to minor opportunity (probe below 3day VAL). Buyers have been very active. I have marked seven instances of Significant Buying in the last fourteen days and no Significant Selling.
First Level S/R = 1271.50 (minor 4day poc)
More important Support = 1254.0 (30day poc)
ST Sentiment: My version of the Rydex Assets Ratio was lower at 3.04.
Supporting Charts
+ EURUSD: Down from Tuesday’s fourteen day high and testing 1.3087, the 1/2R off the June low. The chart will be in a weaker price location if this important support is broken.
? UDX: Currently prints just above 80.15, the major 1/2R.
+ TLT: Closest reference level is now the 2month poc at 93.04 as explained in webcast. Chart currently in weak location below that level.
imo these charts currently have a positive bias for equities but this could change quickly.
