posted 9.23 a.m. et
Pre-open comment Wednesday 18th January
Longframe: Significant Sellers were marked for the first time in eighteen days Responding (red-at-top) to a price probe above last week’s high. The Value Area was higher so this is not Effective Selling. Effective Selling below 1271.50 would be a first indication of weakness in the longer timeframe.
Dayframe: On Friday I mentioned the minor poc at 1286.50 and this came into play yesterday, see dotted line on chart. In the dayframe time spent below that level puts chart in a weaker position.
First Level Support = ES 1271.50 (20dy poc) SPY = 127.91
Second Level Support = ES 1256 (poc) SPY = 126.00
Sentiment: My version of the Rydex Assets Ratio was higher at 2.98 (from 2.84). The ratio on Friday 6th reached 3.0 which was a five month high.
Supporting Charts (+ or – or ? for equities). Unchanged.
(Momentum = daily PriceOsc)
– EURUSD: Chart printed a new 15month low last week. Currently prints at the 1.2811 poc.
– Dollar Index: Chart printed a new 15month high last week.
– TLT: chart still holding above the 10month poc Support at 117.88.
imo these charts still have a negative bias for equities.
