Pre-open comment Wednesday 12th January
On Tuesday there was a brief (less than 15minutes) probe below First Level Support (1267.50) down to Monday’s poc. Following intraday support at that level (see chart) which implied ST strength, ES rallied. Value Area was higher and overnight has printed above 1280. No weakness detected in this analysis yet.
First Level S/R = 1267.50 (12day poc)
Support = 1254.0 (30day poc)
ST Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 3.28.
Supporting Charts
– EURUSD: Currently prints below 1.3087, the 1/2R off the June low. This is a weaker price location.
– UDX: Currently prints above 80.15, the major 1/2R.
+ TLT: Closest reference level is now the 2month poc at 93.04. Chart currently in weak location below that level.
imo these charts are mixed but have a slightly negative bias for equities.
