Pre-open comment Tuesday 21st December
Apology: A technical problem means I cannot produce the profile chart updated through Monday. Should be resolved quickly. Instead I show the 5minute chart through Monday and overnight. There was no Significant Buying or Selling marked yesterday.
You can see on the chart that the First Level support at 1237 was probed briefly and rejected. As I said on Friday and Monday obvious support levels are holding which is ST bullish.
First Level S/R = 1237 (12day poc)
Sentiment indicators suggests that upside is limited here.
My version of the Rydex Assets Ratio was down very slightly from 2.98 to 2.95.
Supporting Charts
? EURUSD: currently prints just above the 1/2R off the June low at 1.3087. Momentum is up though – Price Osc has been higher for thirteen consecutive days.
? UDX: currently prints just above the 80.15 major 1/2R.
+ TLT: currently prints below the 95.33 maj poc.
imo these charts are mixed – possibility of dollar strength developing which would not help equities.
