Pre-open comment Tuesday 4th January
A probe below 1252 (the 6day Value Area Low) early in Friday’s session was quickly rejected. The 30day poc at 1254 was developed further followed by Aggressive Buying to the end of the day. Monday saw ES strongly higher.
Longframe: All Market Timing Charts remain positive.
First Level S/R = 1266.0 (minor poc)
2nd Level Support = 1254.0 (30day poc)
ST Sentiment: My version of the Rydex Assets Ratio was down to 2.97.
Supporting Charts
+ EURUSD: chart appears to have formed a higher low on 1.3087, the 1/2R off the June low and has reached a fourteen day high today.
+ UDX: Now consolidating 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.
