posted 9.22 a.m. et
Pre-open comment Tuesday 17th January
On Monday 9th Jan. the minor poc migrated higher to 1271.50 and became First Level Support. Since that point all price action has held above that level which is constructive. Buyers Responded on Friday just above that Support (see chart) and pre-open today ES has printed as high as 1302.50. Significant Sellers have not been marked for fifteen days. Significant Selling marked below 1271.50 would be the first indication of weakness.
Chartprofit Market Timing System remained positive for NYSE, turned neutral (from positive) for Nasdaq and turned positive (from neutral) for UK.
%Stocks>50dyma numbers for all three Market Charts remain above 50% which is supportive.
First Level Support = ES 1271.50 (20dy poc) SPY = 127.91
Second Level Support = ES 1256 (poc) SPY = 126.00
Sentiment: My version of the Rydex Assets Ratio closed the week at 2.84. The ratio on Friday 6th reached 3.0 which was a five month high.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Chart printed a new 15month low on Friday.
– Dollar Index: Chart printed a new 15month high last week.
– TLT: chart still holding above the 10month poc Support at 117.88.
imo these charts still have a negative bias for equities.
