Pre-open commentTuesday 14th December
Since ES gapped up on 1st December there has only been one corrective day and for the last three sessions the Value Areas have been generated above the previous day’s Value Area which is strong uptrend. For that reason I’ve moved First Level Support up to the closest minor support I can find which is the 2day poc at 1240.
Dayframe: In an uptrend relative weakness usually comes at the start of the week but if 1240 holds early in the session I will assume higher. Short trades are still eliminated for me.
ST Sentiment: My version of the Rydex Assets Ratio was up slightly from 2.50 to 2.53. The ISEE (equity-only) ratio closed at 262, another high number which lifted the 10 dayma to the highest level I have in my 4year database.
Supporting Charts – unchanged
+ EURUSD: currently prints above the 1/2R off the June low at 1.3087
+ UDX: currently prints below the 80.15 major 1/2R.
+ TLT: currently prints below the 95.33 maj poc.
imo these charts have a positive bias for equities.
