Pre-open comment Wednesday 11th December
Very little to add to previous comments highlighted on graphic. As long as ES holds above the 1792 poc it is in a strong price location. The four stock index ETFs are holding their Support trendlines shown in eBook, for now at least.
Dayframe: There is a very min poc at 1803.50. May be useful for ST traders to monitor intraday.
Minor S/R = 1803.50 (min poc)
First Level Support = 1792.00 (30dy poc)
Second Level LT Support = 1758.50 poc
Stocks>50dyma numbers: Nyse 59% (from 63%), Nasdaq 57% (from 61%), R2000 56% (from 63%). Numbers >50 are considered supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 5.62. Last Thursday’s ratio at 5.67 is the highest in my database. This indicator is registering extreme optimism which has historically been a warning for the market.
Supporting Charts – UNCHANGED
Bonds TLT: Last week probed the August low. Remains in a weak price location.
Gold GLD: Still in a very weak price location.
Oil USO: Back in a stronger price location back above 34.13, (3yr poc). Momentum is now positive and up.
Dollar Index: Pre-open, is printing below the 80.15 Support. Dollar Bulls would want to see this level recovered and Momentum turn back up.
EURUSD: Printed a 29day high on Tueday. Momentum is up and positive.
