Pre-open comment Tuesday 18th January
All Major Market Timing Charts are still positive. Friday closed the week strong on the high (Monday was the low day of the week). This affirms the strong Weekly Price Structure.
I marked Significant Buying twice on Friday. Buyers Responded eagerly to a minor opportunity early in the session when ES printed below just 2dayVAL. Aggressive Buying was also marked later in the session.
No Significant Selling marked now since December 16th so Short Trades have been eliminated for me since pre-open 12/17. I assume Buyers are still in control of the dayframe.
First Level S/R = 1281.50 (16day poc).
Next Level Support = 1267.50 (poc). This is also 12dayVAL.
Supporting Charts (+ or – or ? for equities)
+ EURUSD: Back in a stronger price location above 1.3087, the 1/2R off the June low.
+ UDX: Currently prints back below 80.15, the major 1/2R. This is a weaker price location.
+ TLT: Closest reference level is the 2month poc at 93.04. Chart currently in weak location just below that level.
imo these charts have a positive bias for equities.
