posted 9.27 a.m. et
Pre-open comment Tuesday 24th January
Sellers Responded (red-at-top) to a probe above the poc Resistance around 1315. Ineffective Selling because the Value Area was overlapping/higher. Even so, new long trades are eliminated for me until Significant Buying (green) is marked again.
Effective Selling marked below 1307 (9day poc) would indicate further weakness in the dayframe. Effective Selling marked below First Level Support at 1286.50 would indicate further weakness in the longer timeframe.
Even with the overbought readings and overly bullish sentiment readings, if ES can print time back above 1307 (printed as low as 1302.25 pre-open) I would have to assume higher.
Potential level of Resistance around 1315 (previous poc).
First Level Support = ES 1286.50 (min poc)
Second Level Support = ES 1271.50 (20dy poc) SPY = 127.91
Sentiment: My version of the Rydex Assets Ratio was lower at 2.1 (from 2.94). That’s quite a bit lower. The ratio on Friday 6th Jan reached 3.0 which was a five month high.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
+ EURUSD: Currently prints above the 1.2811 poc with momentum up.
? Dollar Index: pre-open Chart prints at the important 80.15 level. Momentum is down. KEY CHART
+ TLT: currently the chart prints below the 10month poc at 117.88.
imo these charts have a positive bias for equities.
