Pre-open comment Tuesday 6th December
Overnight ES low was 1245.25, just above the 50dy poc at 1244. Time spent below that level would be the first minor sign of weakness this week.
First Level Support = ES 1244 (50dy poc) SPY = 125.44*
*migrated to this level on Monday
Second Level Support = ES 1214.50 (1/2R off May high) SPY =122.30
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 2.55.
Supporting Charts (+ or – or ? for equities). (Momentum = PriceOsc)
? EURUSD: Still in a weak position below the 1.3635 poc and today below the 1/2R off June 2010 low. But, Momentum has been up for seven days. It is worth noting that considering the rally in equities over the last few days this chart has not responded very much.
? Dollar Index: Still in a strong position above the 77.05 poc but Momentum has been down for seven days.
? TLT: pre-open prints above the 116.34 poc. Momentum has been down for seven days.
Bias for equities based on these Supporting Charts is unclear imo.
