Pre-open comment Thursday 8th December
The 50day poc at 1244 provide exact Support for the low on Wednesday. This is now proven Support and Effective Selling marked below that level would be significant. There has been a lack of Significant Imbalances to mark over the last few days since ES reached the VAH of various timeframes.
First Level Resistance = 1257 (minpoc) SPY = 126.14
First Level Support = ES 1244 (50dy poc) SPY = 125.44
Second Level Support = ES 1214.50 (1/2R off May high) SPY =122.30
Sentiment: My version of the Rydex Assets Ratio was lower again to 2.0 from (2.48).
Supporting Charts (+ or – or ? for equities). (Momentum = PriceOsc)
? EURUSD: Still in a weak position below the 1.3635 poc and today below the 1/2R off June 2010 low. But, Momentum has been up for nine days. Has printed a 6day low today.
? Dollar Index: Still in a strong position above the 77.05 poc but Momentum has been down for nine days.
? TLT: currently holding (just) above the 116.34 poc. Momentum has been down for nine days.
Bias for equities based on these Supporting Charts is unclear imo.
