Pre-open comment Tuesday 11th January
Monday’s session high came in at 1268, just below the First Level Resistance at 1268.50. Overnight the 30minute charts found resistance three times at exactly 1268.50 but the fourth attempt was a successful break and pre-open ES prints above 1270. This puts the chart in a stronger location. Monday was the seventeenth consecutive day without Significant Selling being marked.
First Level S/R = 1267.50 (10day poc)
Support = 1254.0 (30day poc)
Dayframe: If ES can hold above 1267.50 and print some value above this level early in the session I will expect further strength.
ST Sentiment: My version of the Rydex Assets Ratio was down slightly from 3.39 to 3.26.
Supporting Charts
– EURUSD: Currently prints below 1.3087, the 1/2R off the June low. This is a weaker price location. Yesterday chart printed its lowest level since 14th September.
– UDX: Currently prints above 80.15, the major 1/2R and yesterday printed a 25day high.
+ TLT: Closest reference level is now the 2month poc at 93.04. Chart currently in weak location below that level.
imo these charts are mixed but have a negative bias for equities.
